Lyft, Inc. (NASDAQ: LYFT) released first-quarter financial results after markets closed Wednesday. The ride-share firm said that it had a net loss of $1.31 per share and $955.7 million in revenue, which compared with consensus estimates that called for a net loss of $0.64 per share and $897.86 million in revenue. The same period from last year had a net loss of $48.53 per share and $776.0 million in revenue.
During the quarter, active riders increased 3% year over year to 21.21 million, up from 20.50 million in the same period last year. Revenue per active rider is up 19% to $45.06, an increase from $37.86.
Lyft reported $2.7 billion of unrestricted cash, cash equivalents and short-term investments at the end of the first quarter of 2020.
The company did not offer any guidance for the second quarter. However, consensus estimates are calling for a net loss of $0.83 per share and $665.27 million in revenue for the coming quarter.
Logan Green, co-founder and CEO of Lyft, commented:
While the COVID-19 pandemic poses a formidable challenge to our business, we are prepared to weather this crisis. We are responding to the pandemic with an aggressive cost reduction plan that will give us an even leaner expense structure and allow us to emerge stronger. Our competitive resilience and commitment to our culture and values will put Lyft in the best position to deliver on our mission of improving people’s lives with the world’s best transportation.
Shares of Lyft closed Wednesday at $26.12, with a 52-week range of $14.56 to $68.33. The consensus analyst price target is $48.44. Following the announcement, the stock was up 14% to $29.90 in the after-hours session.