LYFT Inc.
KeyBanc Capital Markets forecasts earnings before income tax, depreciation and amortization to come in at $97 million for the quarter, below analyst consensus of $101 million. It expects gross bookings of $4.05 billion to narrowly miss Wall Street expectations of $4.06 billion.
"We believe many ridesharing use cases are more resilient to macro but do believe riders can opt for cheaper alternatives like public transportation in some scenarios," KeyBanc analyst Justin Patterson said in a note.
"Thus, we believe consumer strength trends will be important to monitor."
RBC Capital Markets expects Lyft to post $97.5 million in EBITDA for the second quarter, below analyst consensus of $98.1 million, and $4.053 billion in bookings that will miss analyst expectations of $4.058 billion.
"Our recent driver supply analysis, conducted in July '24, indicated some erosion in rider pick-up times, where pick-up times for UBER came down significantly compared to LYFT," RBC analyst Brad Erickson said in a note.
"Although we have noticed some fluctuation in both directions for UBER and LYFT in terms of pickup times and total travel time, we believe this is not necessarily a red flag but worth monitoring."
RBC has also noticed "some weakness" in Lyft's data related to third-party arrangements with DoorDash and other delivery services.
"It is important to note price continues to move in lock-step, giving us confidence LYFT continues to keep pace with its major competitor," Erickson wrote.
Uber Technologies Inc.
Price Action: Lyft gained 3.03% to $10.89 as of Tuesday's mid-day trading.
Most exchange-traded funds that track Lyft also advanced on Tuesday.
