Lyft Shares Plunge on Weak Earnings Outlook
Ride-hailing company says it will invest to attract drivers, prepare platform for future growth
Lyft said it would invest in the current quarter to ensure adequate driver supply and grow its ride-hailing platform, spooking investors as the spending weighs on operating profit.
The ride-hailing company on Tuesday forecast adjusted earnings before interest, taxes, depreciation and amortization, its preferred metric of financial performance, of $10 million to $20 million. The figure represents a second sequential quarterly decline and missed Wall Street expectations by more than $50 million.
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