Lyft Inc ( LYFT ) shares are trading lower Wednesday after the company reported fourth-quarter financial results. Multiple analysts also lowered price targets following the print.

What Happened: Lyft ( LYFT ) reported fourth-quarter revenue of $1.6 billion, beating analyst estimates of $1.56 billion, according to Benzinga Pro. The company reported fourth-quarter net income of $61.7 million, and adjusted EBITDA of $112.8 million.

Total revenue was up 27% on a year-over-year basis. Gross bookings totaled $4.3 billion in the quarter, up 15% year-over-year. Active riders totaled 24.7 million in the fourth quarter, up 10% year-over-year. Total rides came in above 219 million, up 15% year-over-year.

Lyft ( LYFT ) guided for first-quarter gross bookings of approximately $4.05 billion to $4.2 billion, representing growth of 10% to 14% year-over-year. The company also said it sees first-quarter rides growth in the mid-teens year-over-year.

"2024 was a record-smashing year for Lyft ( LYFT ). Thanks to our industry-leading service levels, we helped 44 million people across the U.S. and Canada get off their tuchuses," said David Risher, CEO of Lyft ( LYFT ). 

"But we've got more to do. Our biggest competition is inertia. 2025 will be the year we show millions of riders and drivers: You've now got a better rideshare choice."

Lyft's ( LYFT ) board authorized a share repurchase program of up to $500 million of the company's common stock. The company ended the quarter with $759.32 million in cash and cash equivalents.

See Also: SoftBank Q3 Earnings: Revenue Rises, Vision Fund Takes $2.33 Billion Hit As Investments Falter

Analyst Changes:

Barclays analyst Ross Sandler maintained Lyft ( LYFT ) with an Equal-Weight and lowered the price target from $20 to $19.

BofA Securities analyst Michael McGovern maintained Lyft ( LYFT ) with a Buy and lowered the price target from $21 to $17.50.

Needham analyst Bernie McTernan reiterated Lyft ( LYFT ) with a Hold rating.

LYFT Price Action: Lyft ( LYFT ) shares were down 14.2% at $12.35 at the time of publication Wednesday, according to Benzinga Pro.