Lyft: beats estimates in first results since IPO
(CercleFinance.com) - Ride-hailing company Lyft beat Wall Street expectations on Tuesday evening for its first quarterly report as a publicly traded company.
However, the figures failed to lift investors sentiment, and the company's shares, which have already lost 18% since the company's IPO in late March, slipped 1.4% in early rading on Wednesday.
The San Francisco-based company said the number of active riders has surged 46% to 20.5 million at the end of March, while revenue almost doubled to 776 million dollars.
Analysts expected revenue of 745 million dollars.
Lyft's made a quarterly net loss of 211 million dollars, versus an adjusted net loss of 228 million dollars in the first quarter of 2018.
"Lyft delivered strong March quarter results and gave better than expected June guidance which should stop the bleeding in the stock for now," analysts at Wedbush said.
But with its major rival Uber ready to hit the stockmarket on Friday, the shares were trading 1.4% lower this morning.
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