Lyft Posts First Quarterly Report Since IPO and Reveals Big Loss

Lyft recently made its debut in the market and posted its first quarterly report this week as a public company.

It wasn’t that impressive as the company reported a loss per share of $9.02, adjusted. Despite the amount being better than the loss of $11.40 a share in the year ago quarter, the loss was still big.

The company also posted revenue of $776 million while analysts expected $739.4 million according to Refinitiv.

The company said it lost $1.14 billion in the first three months of the year, primarily due to stock-based compensation and other expenses connected to its IPO.

Looking ahead to the second quarter, Lyft is expecting revenue in the range of $800 million to $810 million.

“Lyft is about seven years old and if you look at the economics, you can see that as a percentage of revenue that this is the most rational the market has been,” said President John Zimmer.

Lyft CFO Brian Roberts says the company sees “a path to profitability” in its core ride-sharing business. “We anticipate that 2019 will be our peak loss year,” Roberts said on the earnings call.

Wedbush analyst Daniel Ives has remarked, “Let’s not sugarcoat it, Lyft’s stock has been a head-scratching train wreck since the IPO.”

Disclaimer: We have no position in Lyft Inc. (NASDAQ: LYFT) and have not been compensated for this article.