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Business

Lyft Shares Drop Over 4% Ahead of Quarterly Report Release

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Today, Lyft Inc (LYFT.O) shares experienced a significant drop of over 4%, marking the largest one-day percentage decline since April 17. This decline comes just ahead of the company’s quarterly report, scheduled for release after the market closes.

Market analysts are anticipating Lyft to report an adjusted EPS of $0.03, a decrease from $0.07 in the same quarter last year. Revenue is expected to reach $1.16 billion, reflecting a 16% year-over-year increase.

Lyft has a strong track record of outperforming market expectations, beating EPS consensus in the last 8 quarters and meeting or exceeding revenue expectations 7 times.

However, the company faced legal challenges after an error in its previous earnings report led to fluctuations in its stock price. Following the release of the report on February 13, Lyft shares experienced volatile trading, with prices ultimately settling at $16.80.

As of the latest data, Lyft’s stock price is slightly above the median price target of $16, indicating a positive outlook from analysts. The company has received various ratings from analysts, including 1 ‘strong buy,’ 9 ‘buy,’ 32 ‘hold,’ and 2 ‘sell’ recommendations.

Year-to-date, Lyft shares have seen a modest increase of approximately 12%, outperforming the Dow Jones U.S. Consumer Services index, which recorded a 10% gain during the same period.

Stay tuned for more updates on Lyft and other market news as we continue to monitor developments in the financial world.

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