Lyft, Inc. (LYFT) saw its stock price plummet 10.7% in after-hours trading on Tuesday, after the ride-hailing company's first-quarter gross bookings forecast fell short of Wall Street expectations, citing intensifying competition with larger rival Uber Technologies.
In its latest earnings report, Lyft projected Q1 gross bookings between $4.05 billion and $4.2 billion, missing analysts' consensus estimate of $4.26 billion. The company attributed the weaker-than-expected guidance to the current pricing environment in the U.S. market, as it has been matching prices with Uber to gain market share.
According to CEO David Risher, Lyft's strategy of competitive pricing has helped drive record levels of rides and driver hours every quarter. However, this approach appears to have weighed on the company's near-term revenue projections, disappointing investors and sparking the after-hours sell-off.
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