B4| Wednesday, October 23, 2019 THE WALL STREET JOURNAL.
in 2017.
In the latest quarter, Snap’s
loss narrowed to $227.4 million,
or 16 cents a share, from $325.1
million, or 25 cents a share, a
year earlier. Analysts had ex-
pected a loss of $266 million.
Shares of Snap were down
2.4% in extended trading. The
company’s stock, which has
more than doubled in value
this year, fell 4% to $14 during
regular trading.
“It was a pretty good quar-
ter but investors had higher
expectations” for user growth
and average revenue per user,
said Cascend analyst Eric Ross.
Snap is the first social-media
company to report earnings
this week.
Twitter Inc.’s third-quarter
report is due out Thursday,
while Facebook Inc. is sched-
uled to release its quarterly re-
sults next week. Twitter
counted 139 million daily users
in the second quarter, while
Facebook counted 1.59 billion
people who used its “blue” app,
the company’s oldest and larg-
est product. Neither company
has increased its number of
daily users at the pace Snap
posted in years.
Snap’s latest results con-
tinue to mark a turnaround
from 2018, a year plagued by a
redesign that users initially
panned and a string of execu-
tive departures.Snap Inc. reported another
quarterly increase in users and
revenue, signaling that
changes made this year to its
social-media app and the
launch of new tools for adver-
tisers are helping its fortunes.
The Santa Monica, Calif.,
company said Tuesday the
number of daily Snapchat users
rose by seven million in the
third quarter to 210 million,
marking the third consecutive
period of growth. But the latest
increase was smaller than the
13 million users gained in the
second quarter, when it up-
dated its Android app, unveiled
new augmented-reality glasses
and released several games.
Adding more users is criti-
cal for Snap as it looks to at-
tract more advertisers and, in
turn, generate more revenue.
Analysts polled by FactSet had
expected Snap to have 207
million as of September.
Snap’s third-quarter revenue
rose 50% from a year earlier to
$446 million, beating the $435
million in revenue expected
from analysts polled by FactSet
and the company’s own fore-
cast. Average revenue per
user—a gauge reflecting the
health of Snap’s ad business—
rose 33% from the prior-year,
but the pace of growth was the
slowest since Snap went public
BYSARAHE.NEEDLEMAN
Snap Posts
Loss, but Its
Revenue Soars
went public this earlier this
year, set records for the larg-
est losses for a U.S. startup in
the 12 months before their ini-
tial public offerings.
Lyft in August projected
2019 revenue to be $3.47 bil-
lion to $3.50 billion, compared
with a previous range of $3.28
billion to $3.30 billion. The
company expects an Ebitda, or
earnings before interest, taxes,
depreciation and amortization,
loss of $850 million to $875
million in 2019.
Lyft shares closed 6.6%
higher Tuesday to $43.56 after
the projection was made pub-
licly at the WSJ Tech Live con-
ference here. That is still a
steep decline from the com-pany’s share price of $72 in
March and below its last pri-
vate financing round of $47 a
share.
Uber’s shares jumped 3.6%
to $32.53, below the com-
pany’s $45 initial-public-offer-
ing price.
Lyft Chief Executive Logan
Green said public market sen-
timent had turned against
companies that are spending
heavily in pursuit of high
growth.
“I think the market as a
whole has changed,” Mr. Green
said. “There has been a major
shift from investors valuing
growth to going to value
stocks. That shift has had very
broad implications that haveimpacted us.”
Helping to stem Lyft’s
losses is a reduction in cou-
pons and incentives, on which
Uber and Lyft relied heavily to
attract riders and drivers in
their yearslong battle for U.S.
market share. Both had kept
prices artificially low.
Lyft President John Zimmer
said the company is handing
out fewer coupons. “You can
call that higher prices,” Mr.
Zimmer said. But he added
that discounts to build up
scale “are not necessary in to-
day’s world.”
Lyft is moving toward more
subscription services, trying
to entice customers to pay a
monthly fee for car rides.LAGUNA BEACH, Calif.—
Ride-hailing company Lyft Inc.
expects to be profitable on an
adjusted earnings basis, before
factoring in costs such as in-
terest, taxes and depreciation,
a year ahead of analysts’ ex-
pectations, the company’s co-
founders said Tuesday.
The projection for profit-
ability by the end of 2021 is
Lyft’s first public commitment
regarding its timeline on the
matter. Lyft and larger rival
Uber Technologies Inc. have
been under pressure from in-
vestorstoshowapathto
profitable growth.
The companies, which bothBYHEATHERSOMERVILLELyft Expects Profitability by Late 2021
CEO Logan Green, center, said public-market investors have become warier of companies spending heavily in pursuit of growth.NIKKI RITCHER FOR THE WALL STREET JOURNALThe Marketplace
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