A Lyft-Off 1Q, But Guidance Below Our Expectation; Maintaining $72 FVE; Shares Fairly Valued
Lyft reported its first quarterly results as a public company with revenue and operating loss that beat Street expectations mainly due to improvement in user monetization, in addition to some early signs of operating leverage. Lyft also announced it will begin working with Alphabet’s Waymo to make Waymo’s self-driving cars available on its platform. Strong growth in the firm’s number of riders plus growth in user monetization display the firm’s network effect moat source and supports our narrow ...Lyft operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders. The company also offers a network of shared bikes and scooters in various cities to address the needs of riders for shorter routes; Express Drive program, a flexible car rentals program which connects drivers who need access to a car with third-party rental car companies; and concierge for organizations to manage the transportation needs of their customers and employees.
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