Lyft Makes Progress on Road to Profit After Q1 Results Beat By Investing.com

By Yasin

Investing.com – Lyft (NASDAQ:LYFT) reported Tuesday better-than-expected first-quarter results as reopening of the economy boosted its recovery, inching the ride-hailing business closer toward profitability.

Shares rose 1.6% in after-market hours.

Lyft reported a Q1 loss per share of $0.35, narrower than consensus estimates for a loss of $0.53 a share, while revenues of $609 million topped estimates for $554.7 million.

The beat was led by the ride-hailing business as the economy reopens.  

“We had an exceptionally strong Q1 as more people started moving again. Our results meaningfully exceeded our outlook driven by elevated demand across our network,” said Brian Roberts, chief financial officer of Lyft.

The company said “active riders” on its platform fell 36.4% to 13.49 million in the first quarter year-on-year, with revenue per active rider rising to $45.13 from $45.06.

Lyft continued its quest to turn a profit reporting an adjusted EBITDA loss of $73 million for the quarter, an improvement of $12.2 million compared with the first quarter of 2020 and an improvement of $77 million compared with the fourth quarter of 2020.

“Our results meaningfully exceeded our outlook driven by elevated demand across our network,” Roberts said.