Lyft’s Unbelievable Loss in Q1
Lyft released its most recent quarterly results after the markets closed on Tuesday.
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Lyft, Inc. (NASDAQ: LYFT) released its most recent quarterly results after markets closed Tuesday. The company said that it had an adjusted net loss per share of $9.02 with revenues of $776.0 million, which compares to consensus estimates calling for a net loss of $1.81 per share on $739.48 million in revenue. The first quarter from last year had a net loss of $11.40 per share adjusted and $397.2 million in revenue.
Note that the net loss for the first quarter includes $894 million of stock-based compensation and related payroll tax expenses, primarily due to restricted stock unit (RSU) expense recognition in connection with the initial public offering. As a result, net loss for the first quarter was $1.14 billion versus a net loss of $234.3 in the same period of 2018.
Looking ahead to the second quarter, the company expects to see revenue in the range of $800 million to $810 million and adjusted EBITDA loss in the range of $270 million to $280 million. Consensus estimates are calling for a net loss of $1.30 per share and $782.32 million in revenue for the coming quarter.
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Logan Green, Co-Founder and CEO of Lyft, commented:
The first quarter was a strong start to an important year, our first as a public company. Our performance was driven by the increased demand for our network and multi-modal platform, as Active Riders grew 46 percent and revenue grew 95 percent 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.
Shares of Lyft closed Tuesday at $59.34, with a 52-week range of $54.32 to $88.60. The stock has a consensus analyst price target of $75.56. Following the announcement, the stock was down 2% at $58.06 in the after-hours session.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
