Lyft Inc (NASDAQ: NASDAQ:LYFT) shares are trading lower in Tuesday's after-hours session after the company reported first-quarter financial results.
Lyft said first-quarter revenue increased 44% year-over-year to $875.6 million, beating the $846 million estimate. The company reported a net loss of $(196.9) million, which improved from a net loss of $(427.3) million in the prior-year quarter.
Adjusted net income totaled $24.6 million versus the adjusted net loss of $(114.1) million the company reported in the first quarter of 2021. Lyft said it ended the quarter with $2.2 billion of unrestricted cash, cash equivalents, and short-term investments.
Lyft said it had 17.804 million active riders during the first quarter, which was up from 13.494 million in the prior-year quarter, representing an increase of 31.9% year-over-year. The average revenue per active rider reached $49.18, up 9% year-over-year.
Outlook: Lyft sees Q2 Sales of $950 million -$1 billion vs. $1.02B estimate (the company said on the conference call)
LYFT Price Action: Lyft is making new 52-week lows on Tuesday.
The stock was down 18.9% in after-hours at $24.96 at press time.
Photo: courtesy of Lyft.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga