Lyft Shares Tank After Bookings and Outlook Miss Estimates
- Outlook miss threatens to overshadow progress to grow margins
- Rideshare company posts quarterly profit for first time
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Lyft Inc. shares slid by the most in more than a year after the ride-hailing company posted second-quarter bookings and issued an outlook that fell short of Wall Street’s expectations.
Gross bookings — representing the value of transactions for rides excluding tips — totaled $4.02 billion in the three months ended June 30, falling toward the low end of the company’s own guidance range and missing investors’ projections. For the current quarter, the company expects $4 billion to $4.1 billion in bookings. Analysts projected $4.14 billion.