NEW YORK — Lyft is reporting strong revenue growth but substantial losses in its first quarterly earnings report since its rocky stock market debut.The ride-hailing company posted revenue of …
NEW YORK — Lyft is reporting strong revenue growth but substantial losses in its first quarterly earnings report since its rocky stock market debut.
But the San Francisco-based company lost $1.1 billion in its first public quarter, primarily because it paid out $894 million in stock-based compensation and related payroll taxes during its initial public offering. “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,” said Logan Green, Lyft’s co-founder and CEO, in a statement.
Both companies are losing money as they discount rides to gain market share and struggle to prove to investors that they have a path to profitability.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New York State preparing for potential flooding along Lake OntarioThe worst of the flooding from heavy rain and snow melt is predicted to begin within a week, according to emergency management officials who met with Governor Andrew Cuomo during his visit to Olcott
Read more »
New York Yankees stun Felix Hernandez, in win over Seattle Mariners - TSN.caThe Yankees pounced on Félix Hernández, building a big cushion for CC Sabathia in a showdown of acclaimed veterans as New York beat the Seattle Mariners 7-3 Monday night.
Read more »
Accused NXIVM sex cult founder could face former ‘slaves’ at New York trialFederal prosecutors have charged Keith Raniere with using his cultlike NXIVM group as a front for crimes including sex trafficking, child pornography and sexual exploitation of a minor
Read more »
Gerald Butts Joins New York-Based Consulting FirmHe resigned from the Prime Minister's Office amid the SNC-Lavalin affair.
Read more »
New York City FC scores early, holds on to beat Impact - Sportsnet.caNew York City FC scored six minutes into its match against the Impact and didn't look back, defeating Montreal 2 -0 at Saputo Stadium on Saturday afternoon.
Read more »
Chris Paddack, Hunter Renfroe lead San Diego Padres over Jacob deGrom, New York Mets - TSN.caPumped-up rookie Chris Paddack struck out a career-high 11 to outduel NL Cy Young Award winner Jacob deGrom, and Hunter Renfroe homered for the San Diego Padres in a 4-0 victory against the New York Mets on Monday night.
Read more »
Lyft revenue tops expectations in first-quarter as public company but growth seen slowingLyft posted a $1.1 billion loss in its first quarter, hit by stock-based compensation charges due to its initial public offering
Read more »
Rangers sign KHL star Vitali Kravtsov to entry-level contract - Sportsnet.caThe New York Rangers signed 2018 first-round pick Vitali Kravtsov to an entry-level contract.
Read more »
Rangers sign Hobey Baker finalist Adam Fox to entry-level deal - Sportsnet.caThe New York Rangers have signed defenceman Adam Fox to an entry-level contract.
Read more »