Lyft shares slumped by a third overnight in the US as the California-based Uber rival posted another big loss in spite of record revenues.
Investors sold in droves in after-hours trading with shares hitting US$11.30 having closed at US$16.22.
Lyft has never posted a pre-tax profit, with the 2022 deficit second only in size behind 2020’s losses of US$1.75bln
Sales rose by 28% to US$4bln in 2022 as passenger numbers roses to more than 20,000 in the final three months of the year, up 8.7% year on year though this was little changed from the previous three months.
The ride-hailing business posted a net loss for the year of US$1.58bln, or US$4.47 net loss per share, after share option costs of US$767mln.
Underlying losses for the twelve months were US$416mln compared to US$158mln the year before.
Fourth quarter revenue was US$1.2bn with underlying profits (adjusted EBITDA) of $127mln but a net loss of US$588mln.
Looking ahead the Californian firm forecast a drop in first-quarter revenue to US$975mln with underlying profits predicted to be between US$5mln and US$15mln.