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The company has an impressive earnings surprise history, having surpassed Zacks Consensus Estimate in each of the trailing four quarters, the average beat being 502.75%. The Zacks Consensus Estimate for LYFT’s soon-to-be reported quarter’s earnings has been unchanged in the past 60 days at 9 cents per share.
Given this backdrop, let’s see how things have shaped up for Lyft this earnings season.
We expect Lyft's performance in the to-be-reported quarter to have been boosted by an uptick in total revenues.
The Zacks Consensus Estimate for first-quarter 2024 revenues is pegged at $1.17 billion, which indicates a 16.92% year-over-year rise. Its top-line growth is likely to have been driven by an increase in Active Riders as the ride-share market rebounds from the pandemic lows. Our model estimates Active Riders of 20.6 million for the first quarter of 2024, which implies a 5.3% year-over-year increase.
Revenue Per Active Rider is pegged at $55.51, which suggests an 8.5% decline from the year-ago reported figure. A rise in costs is likely to have hurt the bottom line. High oil prices are likely to have led to elevated operating costs in the first quarter of 2024.
What Our Model Says
Our proven model does not conclusively predict an earnings beat for Lyft. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
Lyft has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Lyft reported fourth-quarter 2023 earnings (excluding 25 cents from non-recurring items) of 19 cents per share, which beat 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.
Q1 Performances of Other Computer and Technology Companies
Here are a few stocks from the Zacks Computer and Technology sector that investors may consider as our model shows that these have the right combination of elements to beat on earnings this time around.
Alphabet Inc’s (GOOGL - Free Report) first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of $1.89 per share comfortably beat the Zacks Consensus Estimate of $1.49 and improved 61.54% year over year.
Revenues of $67.6 billion surpassed the Zacks Consensus Estimate of $66.04 billion but declined 3.14% on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) came in at $25.5 billion, up 46.26% year over year.
Amphenol Corporation’s (APH - Free Report) first-quarter 2024 earnings (excluding 8 cents from non-recurring items) of 80 cents per share comfortably beat the Zacks Consensus Estimate of 74 cents and improved 15.94% year over year.
Revenues of $3.26 billion surpassed the Zacks Consensus Estimate of $3.08 billion and improved 9.49% on a year-over-year basis. Operating and free cash flows came in at $599 million and $506 million, respectively.
Image: Bigstock
LYFT to Report Q1 Earnings: Is a Beat in the Cards?
LYFT Inc. (LYFT - Free Report) is scheduled to report first-quarter 2024 results on May 7 after market close.
The company has an impressive earnings surprise history, having surpassed Zacks Consensus Estimate in each of the trailing four quarters, the average beat being 502.75%. The Zacks Consensus Estimate for LYFT’s soon-to-be reported quarter’s earnings has been unchanged in the past 60 days at 9 cents per share.
Given this backdrop, let’s see how things have shaped up for Lyft this earnings season.
We expect Lyft's performance in the to-be-reported quarter to have been boosted by an uptick in total revenues.
The Zacks Consensus Estimate for first-quarter 2024 revenues is pegged at $1.17 billion, which indicates a 16.92% year-over-year rise. Its top-line growth is likely to have been driven by an increase in Active Riders as the ride-share market rebounds from the pandemic lows. Our model estimates Active Riders of 20.6 million for the first quarter of 2024, which implies a 5.3% year-over-year increase.
Revenue Per Active Rider is pegged at $55.51, which suggests an 8.5% decline from the year-ago reported figure. A rise in costs is likely to have hurt the bottom line. High oil prices are likely to have led to elevated operating costs in the first quarter of 2024.
What Our Model Says
Our proven model does not conclusively predict an earnings beat for Lyft. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is not the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
Lyft has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Lyft, Inc. Price and EPS Surprise
Lyft, Inc. price-eps-surprise | Lyft, Inc. Quote
Highlights of Q4
Lyft reported fourth-quarter 2023 earnings (excluding 25 cents from non-recurring items) of 19 cents per share, which beat 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.
Q1 Performances of Other Computer and Technology Companies
Here are a few stocks from the Zacks Computer and Technology sector that investors may consider as our model shows that these have the right combination of elements to beat on earnings this time around.
Alphabet Inc’s (GOOGL - Free Report) first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of $1.89 per share comfortably beat the Zacks Consensus Estimate of $1.49 and improved 61.54% year over year.
Revenues of $67.6 billion surpassed the Zacks Consensus Estimate of $66.04 billion but declined 3.14% on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) came in at $25.5 billion, up 46.26% year over year.
Amphenol Corporation’s (APH - Free Report) first-quarter 2024 earnings (excluding 8 cents from non-recurring items) of 80 cents per share comfortably beat the Zacks Consensus Estimate of 74 cents and improved 15.94% year over year.
Revenues of $3.26 billion surpassed the Zacks Consensus Estimate of $3.08 billion and improved 9.49% on a year-over-year basis. Operating and free cash flows came in at $599 million and $506 million, respectively.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.