Lyft (LYFT) is set to report its third-quarter results at the end of a difficult earnings season for tech.
Big names like Amazon (AMZN), Meta (META), and Microsoft (MSFT) have been hammered by the consumer slowdown, a hawkish Fed, and inflation.
For Lyft, shares are off more than 69% year-to-date, as of late Monday morning, while the tech-heavy Nasdaq has declined more than 8.5% during the same period.
Here are Wall Street's estimates compiled by Bloomberg:
Revenue: $1.06 billion expected versus $864.4 million in Q3 2021
Adj. Earnings Per Share (EPS): -$0.09 expected versus -$0.21 in Q3 2021
Adj. Net Income: $28.06 million expected versus -$17.8 million in Q3 2021
Active Riders: 21.1 million expected versus 18.9 million in Q3 2021
Raymond James analyst Aaron Kessler wrote on Oct. 31 that he "would like to see stronger growth and competitive positioning" out of Lyft, which Wall Street has sometimes viewed as Uber's kid sibling.
Uber (UBER) missed on expectations for gross bookings and reported greater losses per share than expected, but the company's revenue rose 72% year-over-year.
“Lyft continues to be the little brother of Uber," Wedbush Senior Equity Research Analyst Dan Ives said last week on Yahoo Finance Live. "I think that’s been an issue for them ... Remember, Uber has the global platform and Lyft continues to be domestic. In theory, this bodes well for Lyft, but that’s one where the can continue to trip over their shoelaces."
So, Ives, added, this Q3 earnings cycle is “an important earnings for [Lyft]… after what’s been a choppy road."
Still, there's hope that tech's challenges have finally peaked.
“I personally believe the bottom’s in the rearview mirror for tech,” Ives said. “I think numbers have been cleared, decks have been cleared.”
Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Follow her on Twitter at @agarfinks.
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