may 4 reuters  lyft incs lyfto forecast secondquarter revenue and core profit below estimates on thursday amid tough competition from larger rival uber sending its shares down 13 in trading after the bell the company however reported firstquarter revenue and operating profit that exceeded expectations its much larger rival uber has outpaced lyfts revenue growth for several quarters using its larger presence in other parts of the world and diversified revenue sources such as freight and delivery services lyfts new ceo david risher said the company should be a strong second player in the north american rideshare market by the end of the year and expected to save about 330 million a year from cost cuts weve seen really nice growth our share is now north of 30 and earlier this year it was sort of in the midtohigh 20s he said in an interview to reuters lyft added 10 more riders to its platform in the first three months of 2023 as its strategy to cut prices paid off revenue rose 14 to 1 billion and beat estimates of 9814 million but lagged the 72 surge posted by ubers ridesharing business as a dominant player in key global markets uber has been making the most of this years rebound in travel demand from pandemicinduced lull lyfts adjusted core earnings of 227 million also exceeded expectations of 12 million according to refinitiv data despite a 132 rise in costs to 122 billion from a year ago but its revenue as well as core earnings forecast for the current quarter was below market expectations the company said it expected revenue of 1 billion to 102 billion below estimates of 108 billion and core earnings of 20 million to 30 million way behind expectations of 493 million on whether lyft was being conservative with the outlook risher said when i say something i really want to have conviction that were going to deliver reporting by akash sriram in bengaluru editing by arun koyyur