Lyft shares tank 30% after company issues weak guidance

"Our Q1 guidance is the result of seasonality and lower prices, including less Prime Time," CFO Elaine Paul said in a statement in the earnings release, referring to the period where there's more demand from passengers than drivers and when the company can earn more. "Additionally, our different insurance renewal timing puts differently timed pressure on our P&L. We are not waiting for that to normalize to achieve competitive service levels.

The rideshare company recorded 20.3 million active riders in the third quarter, effectively flat from the third quarter but up 8.7% year over year. That figure also remains below pre-pandemic levels. In theRevenue of $1.18 billion was up 21% from the $969.9 million posted in the year-ago quarter. Per SEC guidance issued in December to all public companies, Lyft said it's revising how it calculates its non-GAAP financial measures to include insurance reserve adjustments for prior periods, impacting its adjusted EBITDA. It provided restatements for those results in its"Under our updated non-GAAP calculation, Adjusted EBITDA was a negative $248.3 million versus a negative $47.6 million in the fourth quarter of 2021 and a negative $26.

The company reported a net loss of $588.1 million, or $1.61 a share for the quarter, more than twice the loss it posted in the year-ago quarter. It attributed $201.3 million of that to stock-based compensation and related payroll tax expenses. Lyft began its restructuring in November in an effort to reduce operating expenses as it continues to face macroeconomic challenges. It said the costs associated with the restructuring efforts don't reflect the performance of Lyft's ongoing operations, however.on Wednesday that beat analyst estimates. Uber posted its strongest quarter ever, with revenue up 49% year over year.

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