SAN FRANCISCO - Lyft Inc’s quarterly revenue rose 95% 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 40% of the U.S. ride-sharing market, said increased demand helped push revenue to $776 million in the quarter, 95% above its $397.2 million a year earlier, and up 16% from its fourth quarter. The company also forecast an expected adjusted EBITDA loss of $270 million to $280 million for the second quarter.Lyft posted revenue of $37.86 from each of its 20.5 million active riders during the first quarter, a 34% increase in revenue and a 46% 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.
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