Lyft stock falls 15% on disappointing fourth-quarter results, rider numbers

Lyft‘s stock tumbled 15% in extended trading on Tuesday after the ride-sharing company posted disappointing fourth-quarter results.

Here how the company did versus LSEG estimates:

• Earnings per share: Not comparable
• Revenue: $1.59 billion vs. $1.76 billion

Revenue grew 3% from a year ago. Bookings grew 19% year over year to $5.07 billion, which was in line with Wall Street estimates. Net income totaled about $2.76 billion, or $6.72 per share.

The company said it expects adjusted earnings before interest, taxes, depreciation and amortization, a measure of profitability, to range between $120 million and $140 million in the current quarter. Analysts Expected $139.8 million for the current period.

Lyft said that recent legislation, which cut insurance costs in California, contributed to lower rideshare prices.

“While we expect this to drive increased demand over time, broad-based consumer adoption will take time to materialize and we now anticipate this being back-half weighted,” the company said in a release.

Lyft posted lackluster ride metrics for the fourth quarter.

Active riders totaled 29.2 million during the period and came up short of a StreetAccount estimate of 29.5 million. Rides totaled 243.5 million, versus a FactSet estimate of 256.6 million.

The company’s board also approved up to $1 billion in additional share buybacks.