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Lyft (LYFT) Up 11.4% Since Last Earnings Report: Can It Continue?

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It has been about a month since the last earnings report for Lyft (LYFT - Free Report) . Shares have added about 11.4% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Lyft due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Earnings Beat at Lyft in Q4

Lyft 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.

Revenue per active rider increased year over year to $56.67. Gross bookings reported for the quarter were $3.72 billion, marking a year-over-year increase of 17%.

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%.

How Have Estimates Been Moving Since Then?

It turns out, estimates review flatlined during the past month.

VGM Scores

Currently, Lyft has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a D. Following the exact same course, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Lyft has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.


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