U.S. Movers: Airbnb, Instacart, Lyft, Robinhood Markets

Scott Peters
14 Feb, 2024
New York City

Airbnb declined 6.2% to $141.43 despite the online booking platform reporting better-than-expected quarterly results.

Revenue in the quarter surged after the company attracted more first-time customers and expanded beyond its core markets in Europe, South America, and Asia. 

Gross booking value in the quarter increased 15% to $15.5 billion, and nights and experiences booked 12% to 98.8 million in the fourth quarter. 

Revenue in the fourth quarter rose 17% to $2.2 billion, net income swung to a loss of $349 million from a profit of $319 million, and diluted earnings per share were a loss of 55 cents compared to a profit of 48 cents a year ago. 

Active listings at the end of the fourth quarter increased by 1.2 million to 7 million around the world. 

Gross booking value in 2023 soared 16% from a year ago to $73.3 billion, and nights and experiences booked jumped 14% to 448.2 million. 

Instacart decreased 3.5% to $27.0 despite the food delivery company reporting positive quarterly results. 

Revenue in the fourth quarter rose to $803 million from $757 million, net income rose to $135 million from $109 million, and diluted earnings per share dropped to 44 cents from $1.11 a year ago. 

Gross transaction volume jumped 7% to $7.9 billion, and orders increased 5% to 70.1 million. 

Transaction revenue increased 6% to $560 million, and advertising and other revenue rose 7% to $243 million. 

The company estimated first-quarter 2024 gross transaction volume to increase between $8 billion and $8.2 billion, an increase between 7% and 10%. 

Lyft Inc. soared 20% to $14.56 after the ridesharing company reported fourth-quarter results.

Revenue in the quarter increased to $1.22 billion from $1.18 billion, and net losses shrank to $26.3 million from $588.1 million. 

Gross bookings on the platform rose to $3.7 billion from $3.2 billion. Active riders increased 10% to 22.4 million from 20.4 million, and rides surged to 190.8 million from 151.1 million a year ago. 

The company estimated gross booking in the first quarter between $3.5 billion and $3.6 billion and adjusted operating earnings between $50 million and $55 million. 

Robinhood Markets surged 12.5% to $13.33 after the online trading platform operator reported better-than-expected quarterly results. 

Revenue in the fourth quarter increased 24% to $471 million from $380 million, net income swung to a profit of $30 million from a loss of $166 million, and diluted earnings per share were 3 cents compared to a loss of 19 cents a year ago. 

Net interest revenue increased 41% to $236 million, and net transaction-based revenue rose 8% to $200 million. 

Assets under custody increased 65% to $102.6 billion, reflecting net new deposits of $4.6 billion totaling $17.1 billion and higher equity valuations. 

Average revenue per user in the quarter increased by 23% to $81.