SAN FRANCISCO: Lyft Inc's quarterly revenue rose 95per cent and topped market expectations on Tuesday as the ride-sharing company reported its first results after going public, days before rival Uber plans its own IPO.
Lyft, which has nearly 40per cent of the U.S. ride-sharing market, said increased demand helped push revenue to US$776 million in the quarter, 95per cent above its US$397.2 million a year earlier, and up 16per cent from its fourth quarter. The company also forecast an expected adjusted EBITDA loss of US$270 million to US$280 million for the second quarter.Lyft posted revenue of US$37.86 from each of its 20.5 million active riders during the first quarter, a 34per cent increase in revenue and a 46per cent increase in riders over the same period in 2018.
Both Lyft and Uber have warned in regulatory filings that they may never make a profit and they face growing competition, friction with drivers and pricing pressure.