{"id":29937,"date":"2023-05-01T18:54:17","date_gmt":"2023-05-01T18:54:17","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/all-eyes-on-lyfts\/"},"modified":"2023-05-01T18:59:24","modified_gmt":"2023-05-01T18:59:24","slug":"all-eyes-on-lyfts","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/all-eyes-on-lyfts\/","title":{"rendered":"All eyes on Lyft’s new CEO as Wall Street awaits turnaround plan"},"content":{"rendered":"

(Reuters) – Lyft Inc’s revenue growth is likely to lag bigger rival Uber Technologies Inc for the sixth straight quarter, with Wall Street eagerly looking forward to a turnaround plan from its new CEO David Risher.<\/p>\n

He took charge last month and has already moved to cut more than 1,000 jobs to kick-start a company that has struggled to rebound from pandemic lows and fallen behind its more global and diversified rival.<\/p>\n

Lyft is expected to share more details on its growth plan at the first-quarter earnings call on Thursday. Uber will report results on Tuesday.<\/p>\n

“The latest round of layoffs and change in leadership have been taken positively, with checks also pointing to Lyft regaining some market share,” J.P. Morgan analysts said in their pre-earnings note.<\/p>\n

“What’s less clear for Lyft is its path forward from here and what the long-term goals are for the new management team, which we expect to be focal points among investors.”<\/p>\n

Lyft’s revenue is expected to rise just 12.1% for the first quarter, compared with projections of a 27.3% surge for Uber, according to analysts polled by Refinitiv.<\/p>\n

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(Graphic: Uber’s rideshare revenue growth set to outpace Lyft – https:\/\/www.reuters.com\/graphics\/UBER-LYFT\/REVENUE\/xmvjkqkzbpr\/chart.png)<\/p>\n

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Lyft had cut prices in January after Uber dropped its fuel surcharge, and analysts have said the company’s larger presence on the U.S. West Coast is a drag as many technology companies in the region have not returned to office. <\/p>\n

Uber, whose $62 billion market valuation is nearly 20 times that of Lyft, has fared better, thanks to its international heft and a sprawling food delivery business. <\/p>\n

Revenue growth at its delivery business is expected to come in at 21.3%, while ride-sharing revenue is set to jump nearly 62%.<\/p>\n

The company, which has promised profitability by 2023 end, is expected to report adjusted earnings before interest, taxes, depreciation, and amortization of about $676 million – the highest on record. <\/p>\n

Lyft, meanwhile, is expected to report an adjusted net loss of $29.1 million, compared with an adjusted profit of $24.6 million, a year earlier.<\/p>\n

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(Graphic: Lyft’s stock underperforms Uber – https:\/\/www.reuters.com\/graphics\/UBER-LYFT\/STOCKS\/lgvdkqlmwpo\/Pasted%20image%201682961186484.png)<\/p>\n

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(Reporting by Nivedita Balu in Bengaluru; Editing by Arun Koyyur)<\/p>\n

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(Reuters) – Lyft Inc’s revenue growth is likely to lag bigger rival Uber Technologies Inc for the sixth straight quarter, with Wall Street eagerly looking forward to a turnaround plan from its new CEO David Risher. He took charge last month and has already moved to cut more than 1,000 jobs to kick-start a company […]<\/p>\n","protected":false},"author":8,"featured_media":29938,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-29937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ400RR-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/29937","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=29937"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/29937\/revisions"}],"predecessor-version":[{"id":29939,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/29937\/revisions\/29939"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/29938"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=29937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=29937"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=29937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}