Reuters
- Lyft plunged 36% on Friday after the company posted a disappointing Q1 revenue forecast.
- The ride-hailing brand expects $975 million in revenue during the period, missing estimates of $1.09 billion.
- Elsewhere, Uber reported its strongest quarter ever with revenue up 49% year-over-year.
Lyft slumped 36% on Friday — its biggest-ever decline — after the ride-hailing giant posted weak forward guidance.
The company said it expects to generate around $975 million in revenue during the first quarter of 2023, missing analyst estimates of $1.09 billion. It also provided an adjusted EBITDA forecast of $5 million to $15 million for the same period, badly lagging the $83.6 million consensus estimate from Bloomberg.