Lyft shows large losses in first earnings since IPO, but sales beat expectations

Lyft Inc. reported better sales than expected in its first quarterly earnings report as a public company Tuesday, but also disclosed massive losses even after factoring out stock-based compensation.

Lyft reported first-quarter losses of $1.14 billion, or a whopping $48.53 a share, on revenue of $776 million, up from $397.2 million in the comparable quarter a year ago, according to Lyft’s IPO filing. Much of that loss was due to stock-based compensation — typically an especially large expense in the quarter after an IPO — totalling $894 million. After adjusting for stock payouts and other factors, Lyft claimed adjusted losses of $234.3 million, or $9.02 a share.

Lyft’s revenue reflects only the net amount of a fare that the company collects, but it does report other figures to give a fuller picture of the business, such as bookings, which is meant to show the full fares being paid. Carrying such steep losses, Lyft tends to focus on other metrics to show its potential, such as rides taken. The company reported 20.5 million active riders, up from 14 million a year ago, and revenue per active rider of $37.86, up from $28.27 in the year-ago period.

As Lyft was releasing results Tuesday afternoon, Alphabet Inc.’s GOOGL, -1.22% GOOG, -1.29% self-driving car arm Waymo revealed that it will begin serving Lyft customers with self-driving rides in the Phoenix area. Waymo will put 10 self-driving cars on the Lyft platform “over the next few months,” Waymo Chief Executive John Krafcik wrote in a blog post.

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