Lyft Inc's first full-year adjusted profit and a spike in pricey airport trips were overshadowed by a drop in ridership due to Omicron, which management on Tuesday warned would persist into the first quarter and drag down profit.
The Lyft Driver Hub is seen in Los Angeles, California, U.S., March 20, 2019. REUTERS/Lucy Nicholson/File Photofirst full-year adjusted profit and a spike in pricey airport trips were overshadowed by a drop in ridership due to Omicron, which management on Tuesday warned would persist into the first quarter and drag down profit.
"Were it not for Omicron we would be projecting strong sequential quarter-over-quarter ride growth and revenue growth," Paul said. She added that Lyft remained committed to being profitable in adjusted EBITDA. The Omicron warnings cast a shadow over Lyft's first full-year adjusted EBITDA profit, as fourth-quarter revenue rose 70% to $969.9 million from a year ago, beating analysts' estimates of $940.1 million, according to Refinitiv data.
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