Lyft Inc on Tuesday forecast that 2019 would be the peak year for losses after t...
- Lyft Inc on Tuesday forecast that 2019 would be the peak year for losses after the ride service company lost $1.1 billion in its first quarter, just days ahead of rival Uber’s IPO.
Lyft, which says it has nearly 40% of the U.S. ride-hailing market, said increased demand helped push revenue to $776 million in the quarter, up 95% from a year earlier and above analysts’ average estimate of $739.4 million, according to IBES data from Refinitiv. FILE PHOTO: Lyft supporters gather for the Lyft IPO as the company lists its shares on the Nasdaq in the first-ever ride-hailing initial public offering, in Los Angeles, California, U.S., March 29, 2019. REUTERS/Mike Blake/File Photo
For its second quarter, Lyft forecast an expected adjusted EBITDA loss of $270 million to $280 million. A net loss widened to $1.14 billion, or $48.53 per share, in the first quarter ended March 31 from $234.3 million, or $11.69 per share, a year earlier. Stock-based compensation and payroll tax made up $894 million of that amount.
FILE PHOTO: Lyft President John Zimmer and CEO Logan Green speak as their company Lyft lists on the Nasdaq at an IPO event in Los Angeles, California, U.S. March 29, 2019. REUTERS/Mike Blake/File Photo
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