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.
“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.