After the close tonight, Lyft (LYFT) is scheduled to report 1Q20 results with a conference call to follow at 4:30 ET.
Heading into the report, the consensus estimates call for an adjusted loss per share of ($0.63) and revenue of $830.2 mln, equating to yr/yr growth of 7%.
Outside of the main headline numbers, the key metrics to monitor are active riders and revenue per rider.
States are beginning to slowly reopen. As more businesses, restaurants, attractions, etc. open their doors, demand for ride-sharing services should gradually improve.
Both LYFT and UBER were sued yesterday in California for "misclassifying drivers as independent contractors in violation of the law." Recall that last September, the state passed "Assembly Bill 5" which required gig-economy workers - including ride-share drivers - to be reclassified as employees instead of contractors.
RESULTS:
Reports Q1 (Mar) GAAP loss of $1.31 per share. Revenues rose 23.2% year/year to $955.7 mln vs the $830.18 mln S&P Capital IQ Consensus.
Adjusted net loss for 1Q20 was $97.4 mln versus an adjusted net loss of $211.5 mln in the first quarter of 2019. Using the $97.4 mln adjusted loss and the weighted-average number of shares outstanding (diluted) of 304.5 mln for Q1, we arrive at an adjusted net loss per share of ($0.32). The S&P Capital IQ consensus is for a loss of ($0.63).
Average riders increased 3% yr/yr to 20.5 mln.
Company does not provide guidance.
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