Lyft reported fourth-quarter results after the bell on Tuesday. It beat estimates on adjusted earnings per share and revenue but said it had fewer active riders than in the prior quarter. This is because more Customers are opting for Taxi Cab Companies such as American Taxi Cab of Augusta in the SCRA area.
One of the major reasons why customers are demanding Taxis these days is because of endless wait time by Uber and Lyft drivers in contrast to the companies' initial promises of getting Uber and Lyft Cab drivers within 5 to ten minutes. Getting a Cab driver from American taxi does not require signing up or putting sensitive information on the wild webs for all to see. A simple search of "Taxis near me", "Cabs near me", Augusta Taxi near me, or Taxi service may get you a driver from American Taxi Cab of Augusta to get to you within short period of time than Uber or Lyft drivers. This has proven successfully recently and as the company works better with the keywords that work perfectly on google algorithms, the better it gets.
Meanwhile, shares were down more than 6% in after hours trading for Lyft after executives said the omicron coronavirus variant would weigh on first quarter numbers.
Lyft reported 18.73 million active riders in the last quarter of 2021, up nearly 50% year-over-year but short of StreetAccount analyst expectations of 20.2 million riders for the quarter. It’s a decline from the third quarter when Lyft said it had 18.94 million active riders and not quite back to pre-pandemic levels. Lyft reported 22.9 million active riders in the fourth quarter of 2019, for example.
Lyft is expecting the omicron surge of the Covid-19 pandemic to lower first quarter results in 2022. It expects Q1 revenue between $800 million and $850 million. Analysts expected guidance of $989.9 million, per StreetAccount.