By Yasin Ebrahim
Investing.com - Lyft swung to profit in the fiscal fourth quarter, but the rebound in its ride sharing business fell short of expectations following omicron-fueled disruptions.
LYFT (NASDAQ:LYFT) fell 3% in afterhours trading.
Lyft reported Q4 adjusted net income of $32.1 million, compared with an adjusted net loss of $185.3 million year-on-year. Revenue rose to $969.9 million from $569.9 million. That compared with analysts estimates for revenue of $940.07 million.
"Revenue per active rider, contribution margin and adjusted EBITDA all reached new highs in the fourth quarter, driven by improving service levels and higher ride volumes in our marketplace," said Elaine Paul, chief financial officer of Lyft.
Revenue per active rider jumped to $51.79 from $45.50 a year earlier as the number of active riders during the quarter climbed to 18.7 million from 12.6 million. That was below expectations for 20.1 million active riders.
The ride-hailing company also reported its maiden adjusted EBITDA in fiscal year 2021 of $92.9 million, compared with a loss of $755.2 million a year earlier.
Looking ahead, the company said it remained optimistic about full-year 2022 despite short-term headwinds from omicron.