Lyft LYFT 52.89 +0.09 +0.17% reported a meager loss of $47.13 per share on revenue of $776 million. Yes the decimal is in the right place. I had to double and triple check that! The consensus was for a loss of $4.74 per share on revenue of $744.1 million. So They beat on revenue at least, but those losses…
They did raise second quarter revenue expectations to $800 to $810 million from $799.4 million and full year revenue $3.275 to $3.30 billion from estimate $3.31 billion. That full year looks like a lowering, meaning past second quarter it’s anyones guess how they’ll do.
After adjusting for stock payouts and other factors, Lyft claimed adjusted losses of $211.5 million, or $9.02 a share. That’s still an unpalatable number.
“We are encouraged by our strength of our core business and see a clear path of profitability and ridesharing,” Roberts said, just before shares rallied in after-hours trading. ”We anticipate that 2019 will be our peak loss year as we then move steadily towards profitability on a consolidated basis.”
Whether that’s true or not, profitability remains at least a few quarters off. The business model as it currently stands is not one I have any interest in investing in.