Lyft (LYFT - Free Report) incurred a loss of 32 cents per share (excluding 99 cents from non-recurring items), narrower than the Zacks Consensus Estimate of a loss of 56 cents. Results were aided by solid revenue growth of 23% on a year-over-year basis to $955.7 million, courtesy of a rise in Active Riders and Revenue per Active Rider. The top line also surpassed the Zacks Consensus Estimate of $864.4 million.
Active Riders (riders who take at least one ride during a quarter on Lyft’s multimodal platform through its app) increased 3% year over year to 21.21 million in the quarter under review. This San Francisco-based company’s Revenue per Active Rider climbed 19% to $45.06 million. Given the substantial impact of the coronavirus outbreak, the numbers are quite impressive. After a 75% decline in ride-share trips in April, the company is starting to see signs of recovery with relaxation in social distancing norms in the United States. Notably, ride volumes rose 21% in the first week of May.
Coming back to the earnings performance, adjusted EBITDA loss for the first quarter was $85.2 million compared with $216-million loss incurred a year ago. The adjusted EBITDA margin came in at 8.9% compared with -27.8% in the first quarter of 2019.Total costs and expenses contracted 29.1% year over year to $1.37 billion in the quarter.
Contribution improved 42.2% year over year to $547.4 million. Contribution margin expanded to 57.3% from 49.6% a year ago. Lyft exited the first quarter with unrestricted cash (cash and cash equivalents +short-term investments) of $2.67 billion compared with $2.85 at the end of 2019.
Lyft 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 & Technology Stocks
Within the broader Computer and Technology sector, AMETEK, Inc. (AME - Free Report) , Fitbit, Inc. (FIT - Free Report) and ANSYS Inc (ANSS - Free Report) recently reported earnings numbers.
AMETEK’s first-quarter 2020 adjusted earnings of $1.02 per share beat the Zacks Consensus Estimate by 6.3%. The figure improved 2% from the year-ago quarter and 1.9% sequentially. Net sales declined 6.6% on a year-over-year basis and 7.9% sequentially to $1.20 billion. Further, the top line missed the Zacks Consensus Estimate of $1.23 billion.
Fitbit’s first-quarter 2020 adjusted loss of 24 cents per share was wider than the Zacks Consensus Estimate of a loss of 22 cents. Total revenues came in at $188 million, down 30.8% year over year. The figure also missed the consensus estimate of $270 million.
ANSYS’ first-quarter 2020 earnings of 83 cents per share beat the Zacks Consensus Estimate by 6.4%. The bottom line declined 35.7% year over year. Total revenues of $308.9 million surpassed the Zacks Consensus Estimate of $307 million. The figure declined 3.4% from the year-ago quarter, partly because of a decline in multi-year lease contracts.
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