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Lyft (LYFT) is ready to report its third-quarter outcomes on the finish of a tough earnings season for tech.
Huge names like Amazon (AMZN), Meta (META), and Microsoft (MSFT) have been hammered by the patron slowdown, a hawkish Fed, and inflation.
For Lyft, shares are off greater than 69% year-to-date, as of late Monday morning, whereas the tech-heavy Nasdaq has declined greater than 8.5% throughout the identical interval.
Listed here are Wall Road’s estimates compiled by Bloomberg:
Income: $1.06 billion anticipated versus $864.4 million in Q3 2021
Adj. Earnings Per Share (EPS): -$0.09 anticipated versus -$0.21 in Q3 2021
Adj. Web Revenue: $28.06 million anticipated versus -$17.8 million in Q3 2021
Lively Riders: 21.1 million anticipated versus 18.9 million in Q3 2021
Raymond James analyst Aaron Kessler wrote on Oct. 31 that he “wish to see stronger progress and aggressive positioning” out of Lyft, which Wall Road has typically considered as Uber’s child sibling.
Uber (UBER) missed on expectations for gross bookings and reported better losses per share than anticipated, however the firm’s income rose 72% year-over-year.
“Lyft continues to be the little brother of Uber,” Wedbush Senior Fairness Analysis Analyst Dan Ives stated last week on Yahoo Finance Dwell. “I believe that’s been a problem for them … Keep in mind, Uber has the worldwide platform and Lyft continues to be home. In concept, this bodes effectively for Lyft, however that’s one the place the can proceed to journey over their shoelaces.”
So, Ives, added, this Q3 earnings cycle is “an necessary earnings for [Lyft]… after what’s been a uneven highway.”
Nonetheless, there’s hope that tech’s challenges have lastly peaked.
“I personally consider the underside’s within the rearview mirror for tech,” Ives stated. “I believe numbers have been cleared, decks have been cleared.”
Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Observe her on Twitter at @agarfinks.
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