Lyft Inc on Wednesday posted higher-than-expected revenue and the ride-hailing company vowed further cost cuts to become profitable, saying ridership hit by the coronavirus pandemic had improved in late April.
) on Wednesday posted higher-than-expected revenue and the ride-hailing company vowed further cost cuts to become profitable, saying ridership hit by the coronavirus pandemic had improved in late April.
The first-quarter results offer a first look at the impact of strict stay-at-home orders to combat the spread of the virus in many of the ride-hailing industry’s largest markets. Based on April volumes, Lyft expects a second-quarter loss of less than $360 million before interest, taxes, depreciation, and amortization.
Lyft on Wednesday said first-quarter revenue rose by 23% to $955.7 million from the previous year, well ahead of a $884.7 million estimate by Refinitiv. Unlike Uber, Lyft only operates in the United States and parts of Canada, where many states imposed lockdown restrictions towards the end of March. FILE PHOTO: Lyft supporters gather for the Lyft IPO as the company lists its shares on the Nasdaq in the first-ever ride-hailing initial public offering, in Los Angeles, California, U.S., March 29, 2019. REUTERS/Mike Blake
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