Uber Falls Behind Lyft

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Let’s take a look at Uber’s weak earnings report…

Uber's first-quarter earnings report painted a disappointing picture, with the company posting an unexpected net loss of 32 cents per share, defying analysts' expectations of a 23-cent profit. This dismal performance led to a sharp 6% decline in Uber's stock during premarket trading.

While Uber's revenue of $10.13 billion marginally surpassed the forecasted $10.11 billion, it failed to offset the negative impact of the net loss. The company's gross bookings of $37.65 billion also fell short of the anticipated $37.93 billion, further exacerbating investor concerns.

Uber's net loss ballooned to $654 million, a significant increase from the $157 million loss in the same quarter last year. This substantial loss was primarily attributed to a $721 million net headwind from unrealized losses related to the reevaluation of its equity investments.

Looking ahead, Uber's projections for the second quarter were equally underwhelming. The company expects gross bookings between $38.75 billion and $40.25 billion, lower than the $40 billion analysts had forecasted. Additionally, Uber's anticipated adjusted EBITDA of $1.45 billion to $1.53 billion fell short of the $1.49 billion analysts had predicted.

Overall, Uber's first-quarter performance failed to meet expectations, with the unexpected net loss, lower-than-expected gross bookings, and lackluster guidance for the upcoming quarter, casting a shadow over the company's financial prospects.


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Now let’s compare that to Lyft’s.

Lyft reported strong first-quarter 2024 results, achieving over 20% year-over-year growth in rides and gross bookings, and generating positive free cash flow. The company is on track to exceed its full-year goals, demonstrating its commitment to customer obsession and profitable growth.

Driver Experience Enhancements

Lyft is enhancing the driver experience by offering better earnings opportunities, transparency, and control. The median US driver earnings, including tips and bonuses, reached $31.10 per hour, and after accounting for expenses, drivers earned approximately $24.25 per hour, marking a year-over-year increase.1 Lyft has introduced features like scheduled rides, stay within the area filter, and priority mode during off-peak periods to provide drivers with more flexibility and earning potential. The company has also streamlined the process for drivers to appeal deactivation.

Financial Performance and Guidance

Lyft has established a strong foundation for profitable growth, with a cost structure in the right place, positive adjusted EBITDA totaling nearly $260 million in the past four quarters, and better aligned financial disclosures. The company has begun to generate positive free cash flow, aligning with its full-year 2024 guidance. For the second quarter of 2024, Lyft expects gross bookings of $4.0 billion to $4.1 billion, representing a 16-19% year-over-year increase, and adjusted EBITDA of $95 million to $100 million, with an adjusted EBITDA margin of approximately 2.4%.

Rider Experience and Growth

Lyft has focused on providing riders with a more reliable rideshare experience and better products, resulting in faster pickup times and less prime-time pricing, leading to greater repeat use.1 The company has seen strong demand and growth opportunities in the Canadian market, doubling rides and new rider activation, as well as driver hours year-over-year.

Lyft Media Growth

Lyft Media, the company's advertising platform, had a successful quarter, with revenue growing by about 250% year-over-year. Lyft has added new partners, including Zillow and Mastercard, leveraging its large transportation network, captive audience, and first-party data to deliver value for customers.

Investor Day and Future Outlook

Lyft will be holding its first-ever Investor Day on June 6 in Manhattan, where the company will share its plans for the next phase of customer-obsessed profitable growth and introduce its team.The company remains optimistic about its future prospects, with a focus on continuous innovation, partnership-driven growth, and delivering value to both drivers and riders.

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