Lyft Tuesday estimates slower revenue growth in the new year, and the firm refused to match larger competitor Uber, which recently moved up a key revenue goal by a year, sticking to its later date of projected profitability.
While Lyft reported record quarterly income of over $1 billion, it failed to change its goal to achieve profitability on an adjusted basis by the end of 2021.
This was in contrast to its bigger competitor Uber Technologies, which last week moved its own profitability goal, previously the same as Lyft’s, to Q4 2020.
Analysts during an investor name repeatedly pressed the company on prospects for profitability, leading Lyft executives to defend their goal and insist the corporate was on the right track.
“We remain assured we can obtain our Q4 ‘21 goal,” CFO Brian Roberts stated.
Lyft reported revenue of $1.02 billion in Q4, ahead of analysts who anticipated $984 million in quarterly income, based on IBES data from Refinitiv.
For now, the firm continues to make losses, reporting Q4 web loss of $356 million, or a loss of $1.19 a share, narrower than analyst estimations for a $1.38 loss a share.