盘后暴跌超14%！LyftQ4营收不及预期、Q1指引疲软，自动驾驶愿景遭市场用脚投票！10亿美元回购难掩颓势！

Core Viewpoint - Lyft Inc reported a dramatic financial performance for Q4 and the full year of 2025, with a record net profit of $2.76 billion primarily due to a $2.9 billion release of tax asset valuation reserves rather than pure operational growth [1] Financial Performance - Q4 revenue reached $1.59 billion, a year-over-year increase of 2.6%, but fell short of analyst expectations by $176 million [1] - The company recorded a total booking amount of $18.5 billion for the year, reflecting a 15% year-over-year growth [3] - Free cash flow for 2025 was $1.12 billion, enabling the approval of a new $1 billion stock buyback plan [3] Operational Data - Active passenger count in Q4 grew by 18% year-over-year, reaching a record 29.2 million [3] - Q4 total bookings increased by 19% to $5.1 billion, exceeding analyst expectations of $5.06 billion [7] - Lyft Silver, a simplified app version for seniors, nearly doubled its user base, serving hundreds of thousands of rides [7] Strategic Outlook - The CEO positioned 2026 as a "transformational year," focusing on deep deployment of autonomous vehicle (AV) technology [3] - Lyft plans to collaborate with partners like Waymo to create a "mixed network" of human drivers and autonomous vehicles, aiming to reduce costs by about 20% per mile by 2030 [3] - The company faces short-term challenges, including disruptions from winter storms and increased insurance costs due to California driver-related laws [3] Market Position - Despite short-term stock price pressure, Lyft executives remain optimistic about future growth [4] - Lyft's performance contrasts with larger competitor Uber, which also reported mixed results, indicating ongoing challenges in achieving profitability outside core U.S. operations [4] - Investors are looking for signs that reduced insurance costs in California will translate into lower prices and increased demand, with expectations for this to materialize in the second half of the year [5]