Lyft Stock Is Moving Higher Monday: Here's Why

Lyft Inc LYFT shares are trading higher Monday following a report indicating the company could launch robotaxis as soon as 2026.

What To Know: Lyft is planning to bring a fully autonomous robotaxi service to its app in collaboration with Mobileye Global Inc MBLY as soon as 2026, according to TechCrunch.

The company plans to test the service in Dallas to start with more markets expected to follow.

Japanese conglomerate Marubeni will reportedly own and finance the Mobileye-equipped vehicles set to become available for rides on Lyft’s mobile app. Lyft has not disclosed an OEM partner for the launch or said how many vehicles will be launched in Dallas for the initial rollout.

The news comes a day ahead of Lyft’s fourth-quarter financial results. Analysts expect the company to report earnings of 22 cents per share and revenue of $1.56 billion, according to estimates from Benzinga Pro.

Check This Out: Lyft Faces Growing Competition, Bank of America Analyst Warns

Last quarter, Lyft shares surged after the company reported better-than-expected financial results as gross booking grew 16% year-over-year and active riders and rides reached new all-time highs.

“Going forward, our work with best-of-breed partners and the autonomous future we’re building will give people even more reasons to choose Lyft every time,” CEO David Risher said at the time.

Lyft guided for full-year 2024 rides growth in the mid-teens on a year-over-year basis, and fourth-quarter gross bookings up 15% to 17%. Adjusted EBITDA is expected to be between $100 million and $105 million in the fourth quarter and full-year free cash flow is expected to exceed $650 million.

LYFT Price Action: Lyft shares were up 4.48% at $14.81 at the time of publication Monday, according to Benzinga Pro.

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