Why Is Uber Rival Stock Lyft Shooting Higher Wednesday?
Portfolio Pulse from Anusuya Lahiri
Lyft, Inc. (NASDAQ:LYFT) stock surged over 32% after reporting Q4 financial results, with sales of $1.225 billion and EPS of $0.18, both surpassing consensus estimates. The company also forecasts positive free cash flow and mid-teens rides growth for 2024. Meanwhile, Uber Technologies, Inc. (NYSE:UBER) also reported strong Q4 FY23 results with a 15% revenue growth to $9.94 billion and a GAAP EPS of $0.29, beating consensus. Analysts have mixed views on Lyft, with an average 1-year price target of $14.56, indicating a potential downside.
February 14, 2024 | 4:11 pm
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POSITIVE IMPACT
Lyft's stock surged over 32% following its Q4 earnings beat and positive financial outlook for 2024, including expected positive free cash flow.
Lyft's stock price surge is directly attributed to its Q4 earnings surpassing expectations and its optimistic financial forecast for 2024, indicating strong company performance and growth prospects.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100
POSITIVE IMPACT
Uber Technologies, Inc. reported strong Q4 FY23 results with a 15% year-on-year revenue growth to $9.94 billion and a GAAP EPS of $0.29, exceeding consensus estimates.
Uber's positive Q4 FY23 financial results, showing significant revenue growth and EPS beat, are likely to positively impact investor sentiment and stock price in the short term.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 80