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After $1.1 Billion Loss, Lyft Says 2019 Will Be ‘Peak Loss Year’
Lyft announces that 2019 should be its peak loss year. Partnership with Waymo self-driving vehicles may help drive down losses next year.
"Don’t expect profits anytime soon, but Lyft is hoping losses will drop after this year. In its first quarterly results after its IPO, Lyft reported a $1.138 billion loss for the first quarter, of which an $894 million chunk went to stock-based compensation and payroll expenses."
"Revenues reached $776 million in the first quarter, up nearly 95% from the year-ago quarter, and beating analyst estimates of $739 million, compiled by Refinitiv. The number of active riders jumped to 20 million, up 46%, helped by publicity around the company’s IPO, Roberts says."
"The stock market seemed unsure of what to make of Lyft's earnings: It dropped 2% after hours before going green again and then sliding again. Still, not the boost Lyft may have been hoping for following a tepid reaction to its IPO."
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