Lyft reported revenue for the fourth quarter that exceeded analysts’ expectations.
The ride-hailing company’s fourth-quarter revenue came in at $569.9 million, compared to $1 billion in the same period a year ago. Analysts polled by Factset expected revenue of $560.3 million.
The company incurred a loss of -$150 million in adjusted earnings before interest, taxes, depreciation and amortization. Analysts had been expecting an adjusted loss in EBITDA of -$185 million.
According to CFO Brian Roberts, Lyft “successfully eliminated” $360 million in fixed costs on an annualized basis versus its original 2020 plan .
“While the first quarter of 2021 continues to be uncertain primarily due to COVID-19 headwinds, based on current recovery expectations, we should experience a growth inflection beginning in the second quarter that strengthens in the second half of the year”, said Roberts.