Heavy Selling Drags Share Prices of These 10 Firms

4. Lyft Inc. (NASDAQ:LYFT)

Ride-hailing giant Lyft Inc. decreased for a second day on Wednesday, losing 7.92 percent to close at $13.25 each, as investors shunned news of earnings improvement last year.

In its latest earnings release, Lyft said it swung to a net profit of $61.7 million in the last quarter of 2024 from a $26.3 million net loss in the same quarter a year earlier. Net income for the full year 2024, however, was lower at $22.8 million, albeit a reversal of the $340.3 million net loss in 2023.

Revenues in the quarter, however, increased by 25 percent to $1.5 billion from $1.2 billion year-on-year, while revenues for the full year grew 31 percent to $5.78 billion from $4.4 billion year-on-year.

For the first quarter of the year, Lyft expects rides volume to grow mid-teens on a year-on-year basis driven by industry-leading service levels and strong rider and driver growth and engagement.

It also expects gross bookings to grow between 10 to 14 percent, or approximately $4.05 billion to $4.20 billion.