Lyft Posts $776 Million Revenue In First Quarter As A Public Company

Lyft has published its first quarterly earnings report since becoming a public company, CNBC reports.

The San Francisco ride-sharing company posted an adjusted loss of $9.02 per share on revenue of $776 million for the quarter. Revenue is up by almost double from the first quarter of 2018. The loss per share is down from the estimated $11.40 per share loss in the same time period 12 months ago.

Estimates from Lyft indicate that the company will report revenue between $800 million and $810 million for the second quarter. Revenue at the end of 2019 could sit between $3.275 billion and $3.3 billion.

Also Read: 150,000 Motorists Sign Up To Ditch Their Cars For Lyft Alternatives

“The first quarter was a strong start to an important year, our first as a public company,” Lyft co-founder and chief executive Logan Green said. “Our performance was driven by the increased demand for our network and multi-modal platform, as Active Riders grew 46% and revenue grew 95% year-over-year. Transportation is one of the largest segments of our economy and we are still in the very early stages of an enormous secular shift from personal car ownership to Transportation-as-a-Service.”

While Lyft continues to lose money, much like key rival Uber, the company is continuing to grow its user base. According to it, it had 20.5 million active riders in the first quarter, significantly more than the 14 million active riders reported in the first quarter of 2018. Additionally, revenue per active rider increased to $37.86 from $28.27.

Alongside the announcement regarding its first-quarter earnings, the company revealed that it has forged a new partnership with Alphabet’s self-driving car division Waymo. The deal will see Waymo deploy 10 of its vehicles on the Lyft service across the Phoenix area.

more photos...
  • GobbleUp

    Another all BS ipo to get owners rich and no chance of sustained profits.

  • Mill0048

    It would’ve been interesting to know what they attributed the losses to. Were there particular causes or just the economics of ride sharing hasn’t worked out yet?

Hyundai Unveils Nexo And Sonata Hybrid Land Speed Record Concepts

The models attempted to set new records at the Bonneville Salt Flats last month.

Brabham BT62 To Make Its Racing Debut At Brands Hatch In November

Brabham ultimately wants the BT62 to compete at the 24 Hours of Le Mans in 2022, although it hasn’t decided yet in which class.

Ferrari 488 Pista Sets Blistering 7:00.03 Nurburgring Time

The 488 Pista was more than 8 seconds faster than a McLaren 720S and less than 2 slower than the Porsche 911 GT2 RS.

This 1988 Alfa Romeo Milano Verde V6 Can Help You Earn Your Petrolhead Stripes

Powering this 1988 Alfa Romeo Milano Verde is a rebuilt 3.0-liter V6 engine.

This Customized 2020 Toyota Supra By Autotuned Is Wonderfully Orange

A new Supra with a towering rear wing , carbon splitter and skirts and gloss black rims certainly looks the part.

2020 Corvette Stingray Delivers Unbelievable Numbers On The Dyno

The 2020 Chevrolet Corvette Stingray’s V8 may actually deliver around 650 hp.

Nissan’s 2019 Formula E Car Features Kimono-Inspired Livery

This new look, which is inspired fron Japanese tradition, will also be featured on the Nissan LEAF NISMO RC.

Dodge Shoots Down Alleged Easter Egg Indicating Next Challenger Will Arrive In 2023

An odo readout in an image for the 2020MY was interpreted as an Easter Egg, but the company has flatly denied it.

2020 Nissan Serena Given The Autech Sporty Overhaul In Japan

Nissan’s in-house tuner is giving the Serena minivan sharper looks inside and out and will launch it at the upcoming Tokyo Motor Show.

Grand Cherokee Driver’s Day Goes Horribly Bad In 1.5 Seconds

We’re pretty sure the driver of that Jeep instantly regretted maneuvering in front of the pickup truck.