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Lyft: solid results and encouraging outlook

( - Lyft shares close up over 7% in New York on Wednesday, after reporting quarterly results deemed 'solid' and an outlook considered equally 'encouraging'.

The chauffeur-driven vehicle (VTC) specialist reported a 28% increase in Q1 sales, to $1.3bn, above the consensus of $1.2bn.

Adjusted EBITDA - which more than doubled to $59.4m - also exceeded the consensus (by 10%) of $54m.

However, perhaps the most important point of the publication is the fact that the number of rides reached 188 million, compared with our target of 177 million and the consensus of 186 million, providing a further illustration that the change in pricing strategy is bearing fruit, UBS analysts pointed out.

For Q2, Lyft said it was aiming for total billings of $4bn to $4.1bn, Ebitda of $95m to $100m, targets that again beat market estimates.

Following this strong performance, many analysts say they are looking forward to the San Francisco-based group's next investor day, to be held on 6 June.

According to the professionals, the company could say more about the future evolution of its profitability and unveil prospects beyond 2024.

Following this publication, which contrasts with the more disappointing one of its rival Uber Technologies (-8%), the share closed up over 7% on the Nasdaq.

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