In its first-ever earnings report as a public company, Lyft (NASDAQ: LYFT) failed to display progress toward profitability.
The ride-hailing business, which raised $2 billion in a March initial public offering, posted first-quarter revenues of $776 million on losses of $1.14 billion, including $894 million of stock-based compensation and related payroll tax expenses. The company’s earnings surpassed Wall Street estimates of $740 million while losses came in much higher as a result of IPO-related expenses.
“The first quarter was a strong start to an important year, our first as a public company,” Lyft co-founder and chief executive officer Logan Green said in a statement. “Our performance was driven by the increased demand for our network and multi-modal platform, as Active Riders grew 46 percent and