SAN FRANCISCO (Reuters) – Lyft Inc’s quarterly revenue rose 95% and topped market expectations on Tuesday as the ride-sharing company reported its first results after going public, days before rival Uber plans its own IPO.
Lyft posted a $1.1 billion loss in its first quarter, hit by stock-based compensation charges due to its initial public offering. Lyft, which forecast growth would slow in the second quarter, is watched as a bellwether for its larger rival Uber Technologies Inc which will price its offering on Thursday.
Lyft - % - US - Market - Demand
Lyft, which has nearly 40% of the U.S. ride-sharing market, said increased demand helped push revenue to $776 million in the quarter, 95% above its $397.2 million a year earlier, and up 16% from its fourth quarter.
Revenue was above analysts’ average estimate of $739.4 million, according to IBES data from Refinitiv.
Outlook - Revenue - Analysts - Expectations - End
An outlook for second-quarter revenue of $800 million to $810 million was ahead of analysts’ expectations of $783.1 million. The low end of that forecast would amount to revenue growth of 58%, however, far short of the growth Lyft has enjoyed recently.
The company also forecast an expected adjusted EBITDA loss of $270 million to $280 million for the second quarter.
Statement - Chief - Executive - Logan - Green
In a statement, Chief Executive Logan Green called results “a strong start.”
Lyft posted revenue of $37.86 from each of its 20.5 million active riders during the first quarter, a 34% increase...
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