Lyft beat the Street on revenue in the fourth quarter, but it wasn’t enough to assuage investors who reacted to the ride-hailing company’s weak guidance for the first three months of 2023.
Lyft lowered expectations for revenue in the first quarter to $975 million, a decline of about $200 million. Analysts had expected the company to promise $1.09 billion in revenue. That guidance sent shares plummeting 25% in after-hours trading Thursday to $12.13.
Logan Green, Lyft’s CEO and co-founder, said the colder weather would lead to a drop in ride-hail and bike and scooter usage, putting pressure on the company’s Q1 guidance.
“Prime time is coming down dramatica …
