Lyft Shares Plunge on Weak Earnings Outlook

Lyft said first-quarter revenue rose 44% to $876 million.Updated May 3, 2022 6:48 pm ET

Lyft Inc. said it would invest in the current quarter to ensure adequate driver supply and grow its ride-hailing platform, spooking investors as the spending weighs on operating profit. The ride-hailing company on Tuesday forecast adjusted earnings before interest, taxes, depreciation and amortization, its preferred metric of financial performance, of $10 million to $20 million. The figure represents a second sequential quarterly decline and missed Wall Street expectations by more than $50 million.

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