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Lyft (LYFT - Free Report) reported fourth-quarter 2023 earnings (excluding 25 cents from non-recurring items) of 19 cents per share, beating the Zacks Consensus Estimate of 8 cents. In the year-ago period, it reported a loss of 75 cents.
Total revenues of $1.22 billion beat the Zacks Consensus Estimate of $1.21 billion. The top line rose 4.22% year over year, reflecting growth in the rideshare market. Active riders increased 10% year over year to 22.4 million, which is above our estimate of 22.2 million.
Revenue per active rider increased year over year to $56.67. It was higher than our estimate of $54.59. Gross bookings reported for the quarter were $3.72 billion, marking a year-over-year increase of 17%. It surpassed our estimates of $3.68 billion.
Lyft’s adjusted EBITDA in the fourth quarter was $66.6 million. The figure surpassed our model estimate of $50.7 million and the loss in adjusted EBITDA of $248.3 million a year ago reported figure. The adjusted EBITDA margin (calculated as the percentage of gross bookings) was 1.8%.
2024 Outlook
Management expects gross bookings between $3.5 billion and $3.6 billion. Adjusted EBITDA is projected to be $50-$55 million. The adjusted EBITDA margin (calculated as a percentage of gross bookings) is anticipated between 1.4% and 1.5%.
Performance of Other Computer and Technology Stocks
MSCI Inc. (MSCI - Free Report) reported adjusted earnings of $3.68 per share, resulting in a year-over-year increase of 29.6%. It surpassed the Zacks Consensus Estimate by 11.85%.
MSCI’s revenues jumped 19.8% year over year to $690.1 million, beating the Zacks Consensus Estimate by 5.04%. Growth in organic revenues was 14.7% year over year. The majority of revenue growth was supported by recurring subscriptions of $505.4 million, accounting for 73.2% of the total revenues.
Carrier Global (CARR - Free Report) reported adjusted earnings of 53 cents per share. It surpassed the Zacks Consensus Estimate by 3.92% and increased 32.5.% year over year.
CARR’s net sales totaled $5.1 billion, missing the Zacks Consensus Estimate by 2.82%. The figure remained the same year over year. Product sales, which account for the majority (87%) of net sales, generated $4.44 billion, declining 1.9% year over year. Service sales totaled $661 million, marking a 14.4% year-over-year increase.
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LYFT Q4 Earnings & Revenues Beat, Gross Bookings Rise Y/Y
Lyft (LYFT - Free Report) reported fourth-quarter 2023 earnings (excluding 25 cents from non-recurring items) of 19 cents per share, beating the Zacks Consensus Estimate of 8 cents. In the year-ago period, it reported a loss of 75 cents.
Total revenues of $1.22 billion beat the Zacks Consensus Estimate of $1.21 billion. The top line rose 4.22% year over year, reflecting growth in the rideshare market. Active riders increased 10% year over year to 22.4 million, which is above our estimate of 22.2 million.
Revenue per active rider increased year over year to $56.67. It was higher than our estimate of $54.59. Gross bookings reported for the quarter were $3.72 billion, marking a year-over-year increase of 17%. It surpassed our estimates of $3.68 billion.
Lyft’s adjusted EBITDA in the fourth quarter was $66.6 million. The figure surpassed our model estimate of $50.7 million and the loss in adjusted EBITDA of $248.3 million a year ago reported figure. The adjusted EBITDA margin (calculated as the percentage of gross bookings) was 1.8%.
2024 Outlook
Management expects gross bookings between $3.5 billion and $3.6 billion. Adjusted EBITDA is projected to be $50-$55 million. The adjusted EBITDA margin (calculated as a percentage of gross bookings) is anticipated between 1.4% and 1.5%.
Lyft currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Computer and Technology Stocks
MSCI Inc. (MSCI - Free Report) reported adjusted earnings of $3.68 per share, resulting in a year-over-year increase of 29.6%. It surpassed the Zacks Consensus Estimate by 11.85%.
MSCI’s revenues jumped 19.8% year over year to $690.1 million, beating the Zacks Consensus Estimate by 5.04%. Growth in organic revenues was 14.7% year over year. The majority of revenue growth was supported by recurring subscriptions of $505.4 million, accounting for 73.2% of the total revenues.
Carrier Global (CARR - Free Report) reported adjusted earnings of 53 cents per share. It surpassed the Zacks Consensus Estimate by 3.92% and increased 32.5.% year over year.
CARR’s net sales totaled $5.1 billion, missing the Zacks Consensus Estimate by 2.82%. The figure remained the same year over year. Product sales, which account for the majority (87%) of net sales, generated $4.44 billion, declining 1.9% year over year. Service sales totaled $661 million, marking a 14.4% year-over-year increase.