Polkadot price will drop drasticly
The stock reversed a whopping 27% in extended trading on Tuesday – if shares open there on Wednesday, it’ll be Lyft’s lowest price since October 2020. It comes despite the ride-sharing brand beating on the top end with revenues that were up 44% at 876m, and meeting forecasts on the bottom with EPS of $0.07.
Active riders were down 5% QoQ to narrowly miss estimates at 17.8m, though revenue per rider of $49.18 beat estimates. So, customer demand is bouncing back from covid, but there still aren't enough drivers to meet that demand – Lyft reported a 40% increase in drivers YoY, but customers are still facing long wait times and higher prices.
Investors did a U-turn after seeing current quarter guidance though. Lyft is gonna splash the cash on driver incentives to alleviate those supply pressures, which is set to weigh down profits. It’s now expecting revenues of up to 11BN when analysts were looking for 1.2bn – it’s not a good sign for other ride-sharing companies like Uber, who are set to report this week too.
Active riders were down 5% QoQ to narrowly miss estimates at 17.8m, though revenue per rider of $49.18 beat estimates. So, customer demand is bouncing back from covid, but there still aren't enough drivers to meet that demand – Lyft reported a 40% increase in drivers YoY, but customers are still facing long wait times and higher prices.
Investors did a U-turn after seeing current quarter guidance though. Lyft is gonna splash the cash on driver incentives to alleviate those supply pressures, which is set to weigh down profits. It’s now expecting revenues of up to 11BN when analysts were looking for 1.2bn – it’s not a good sign for other ride-sharing companies like Uber, who are set to report this week too.
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