Lyft (LYFT) Reports Q2: Everything You Need To Know Ahead Of Earnings

Anthony Lee /
2023/08/07 5:35 am EDT

Ride sharing service Lyft (NASDAQ: LYFT) will be reporting earnings tomorrow after the bell. Here's what to expect.

Last quarter Lyft reported revenues of $1 billion, up 14.3% year on year, beating analyst revenue expectations by 1.89%. It was a weaker quarter for the company, with underwhelming revenue guidance for the next quarter. The company reported 19.6 million users, up 9.82% year on year.

Is Lyft buy or sell heading into the earnings? Read our full analysis here, it's free.

This quarter analysts are expecting Lyft's revenue to grow 3.22% year on year to $1.02 billion, slowing down from the 29.5% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.01 per share.

Lyft Total Revenue

The analysts covering the company have been growing increasingly bullish about the business heading into the earnings, with revenue estimates seeing four upwards revisions over the last thirty days. The company only missed Wall St's revenue estimates once over the last two years, and has on average exceeded top line expectations by 2.42%.

Looking at Lyft's peers in the consumer internet segment, some of them have already reported Q2 earnings results, giving us a hint of what we can expect. Fiverr delivered top-line growth of 5.15% year on year, beating analyst estimates by 0.14%, and Uber reported revenues up 14.3% year on year, missing analyst estimates by 1.18%. Fiverr traded up 1.65% on the results, Uber was up 4.12%. Read our full analysis of Fiverr's results here and Uber's results here.

There has been positive sentiment among investors in the consumer internet segment, with the stocks up on average 4.95% over the last month. Lyft is down 1.36% during the same time, and is heading into the earnings with analyst price target of $12.3, compared to share price of $10.87.

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The author has no position in any of the stocks mentioned.