(Reuters) – Lyft Inc on Tuesday forecast that 2019 would be the peak year for losses after the ride service company lost $1.1 billion in its first quarter, just days ahead of rival Uber’s IPO.

“We are encouraged by our strength of our core business and see a clear path to profitability in ride sharing,” said Chief Financial Officer Brian Roberts, sending shares up 3 percent in after-hours trading.

Revenues nearly doubled in the quarter ended in March but Lyft forecast growth would slow in its first results as a public company. Lyft is watched as a bellwether for its larger rival Uber Technologies Inc, which will price its offering on Thursday.

Lyft, which says it has nearly 40% of the U.S. ride-hailing market, said increased demand helped