Why Lyft Stock Tanked 30% This Week
Shares of Lyft (NASDAQ: LYFT) are down 30.9% this week, according to S&P Global Market Intelligence. The ride-sharing company posted earnings and revenue in line with analyst expectations but gave out weak guidance for its upcoming quarter. The stock was down as much as 35% since market close last Friday and is now down 60% in the last year.
On May 3, Lyft released its earnings for the first three months of 2022. Revenue grew 44% year over year to $876 million, and adjusted earnings per share (EPS) came in at $0.07. Both numbers beat analyst expectations coming into the report. So why is the stock down so much this week? Two reasons.
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Source Fool.com
