The market has tightened expectations for ride-hailing companies Alex Wilhelm 9 hours

Hello and welcome back to our regular look at private companies, public markets and the gray space in between.

This afternoon we’re digging into Lyft’s earnings results, unpacking the company’s performance, the market’s expectations and why shares in the American ride-hailing giant are off in after-hours trading.

Lyft’s earnings — following Uber’s own results that promised investors a quicker-than-anticipated path to (adjusted) profits — and the market’s reaction to its performance, provide a good frame for evaluating investors’ appetite for profits against growth. It’s a topic that’s important for startup founders and private-market investors alike.

Our investigation today is contentedly straightforward. We’ll start with the big numbers, drill

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