Lyft's path to profit disappoints investors. More here:
) on Tuesday forecast slower revenue growth in the new year and the company refused to match larger rival Uber, which recently moved up a key profit target by a year, sticking to its later date of projected profitability.While Lyft reported record quarterly revenue of more than $1 billion, it failed to change its target to achieve profitability on an adjusted basis by the end of 2021.
For now, the company continues to make losses, reporting a fourth-quarter net loss of $356 million, or a loss of $1.19 per share, narrower than analyst estimates for a $1.38 loss per share. “Lyft’s problem is that its smaller scale means that profitability is harder to achieve than it is for Uber,” said Atlantic Equities analyst James Cordwell.The adjusted EBITDA profitability metric at both companies excludes expenses for stock-based compensation and other items. Share-based payments at Uber in all of 2019 amounted to nearly $4.6 billion, or roughly a third of revenue.
Uber and Lyft, both based in San Francisco, are pursuing different roads in search of profitability, with Uber pouring money into side businesses which have so far lost money and Lyft remaining focused solely on moving people around.
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