Lyft shares shed more than 9% after the ride-sharing app reported lackluster fourth-quarter results and offered weak bookings guidance as it lowers prices to keep up with competition.
The company reported revenues of $1.55 billion, versus the $1.56 billion expected by analysts polled by LSEG. Bookings, which measures the charges posed to customers for rides and services, came in at $4.28 billion, behind a $4.32 billion FactSet estimate.
“I think what the future holds is great, because it’s a huge market, and we’re doing a great job,” CEO David Risher told CNBC’s “Squawk Box” on Wednesday. “We got to figure out how to get the traders on the bus.”