Lyft expects to turn cash flow positive this year for first time; shares surge
Investing.com — Lyft reported Tuesday upbeat guidance saying it would be free cash flow positive this year, driven by cost cuts and rising demand for rides, after reporting fourth-quarter results that topped Wall Street.
LYFT Inc (NASDAQ:LYFT) jumped more than 52% in aftermarket hours.
The ride-sharing company said its start to 2024, paves the way for a «meaningful margin expansion and our first full-year of positive free cash flow,» Lyft said in its Q4 report on Tuesday.
Lyft reported a net loss of 26.3 million compared with a net loss $588.1 a year earlier, beating Wall Street estimates for earnings of $0.08 a share, while revenue of $1.22 billion was in-line with estimates.
Active riders on its platform jumped 10% to 22.4 million in the fourth quarter.
For Q1, the ride-hailing company guided gross bookings of about $3.5B to $3.6B.
Looking ahead, the company forecasts rides to grow in the mid-teens year-over-year, with gross Bookings growth expected to be slightly faster than rides growth year-over-year.
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