Lyft forecasts strong bookings, winter storms hit first-quarter ride volumes

By Akash Sriram

May 7 (Reuters) - Lyft ‌forecast second-quarter gross ​bookings ​and adjusted core profit above Wall Street estimates on Thursday, even as first-quarter ride volumes fell short of expectations due to severe ‌winter storms in the United States.

Shares of the San Francisco-based company ⁠fell about 3% in after-hours trading. The stock has lost about 27% of its value this ‌year.

"Lyft's share price has been ‌waning for months and there is little excitement about the stock. Although its current financials are improving, investors are growing more concerned about the future," said ​Andrew Rocco, stock strategist at Zacks Investment Research.

Lyft reported 236.9 million rides in the first quarter, below Visible Alpha estimates of 242 million, after winter ⁠storms reduced demand by more than 3 million rides during the quarter.

"The approximate volume impact of winter storms ​in Q1 was at about 3 million rides," CFO Erin Brewer told Reuters, adding that just over half of the impact ​came from Lyft's bikes and scooters business, ‌with the remainder tied to rideshare trips.

Larger rival Uber on Wednesday also pointed to resilient ride-hailing demand as it forecast a ⁠stronger-than-expected second quarter despite geopolitical uncertainty and higher fuel costs.

Lyft's push into premium offerings, including higher-value rides and chauffeur services, alongside partnerships and international expansion, helped drive stronger gross bookings ⁠growth despite weaker ride volumes.

Gross bookings rose 19% in the quarter, while revenue climbed 14%, ​both topping analyst estimates, according to LSEG data.

Brewer said higher-value rides and contributions from businesses such as European taxi app FreeNow and chauffeur service TBR Global Chauffeuring were helping drive top-line ‌growth.

Lyft forecast second-quarter gross bookings of $5.30 billion to $5.43 billion, ahead of analysts' estimates of $5.32 billion. The company projected adjusted core ‌earnings of $160 million to $180 million, compared with estimates of about $167 million.

The company is also ⁠expanding its autonomous vehicle operations with ‌partners including Baidu and ​Waymo. Lyft said its Flexdrive autonomous vehicle depot in Nashville, Tennessee, will open this fall.

(Reporting by Akash Sriram in Bengaluru; Editing by ‌Tasim Zahid)

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