Uber’s ride-sharing competitor Lyft reported revenue of $1.2 billion in the fourth quarter of 2022, up 21% from $969.9 million in the fourth quarter of 2021.
Net loss of $588.1 million compares with a net loss of $283.2 million in the fourth quarter of 2021. Adjusted EBITDA was $126.7 million, excluding $375 million accrued to increase insurance reserves.
“We had the highest revenues in our company’s history in the fourth quarter and exceeded our adjusted EBITDA forecast excluding the actions we have taken to strengthen our insurance reserves,” said Elaine Paul, CFO of Lyft.
Refinitiv analysts were expecting an average of $91 million in adjusted EBITDA and revenues of $1.16 billion.
Full-year 2022 revenues were $4.1 billion, up 28% year-over-year from $3.2 billion in fiscal 2021. Net loss was $1.6 billion dollars, compared to a net loss of $1.1 billion in fiscal 2021.
La guidance 2023 delude:
For the first quarter of 2023, the company expects revenue approximately $975 million below Refinitiv’s analyst estimates of $1.09 billion and adjusted EBITDA in the range of $5 million to $15 million (average analyst goal was of $81.1 million).