Shares of Lyft (LYFT) were volatile in after-hours trading after the ride-sharing company reported a narrower-than-expected loss in its first quarter as a public company. Lyft's revenues were better than expected, as was guidance for the full year.
The stock initially fell in postmarket trading, after having fallen 2.03% in regular trading. But after the earnings call began, shares were rising recently about 2%, before once again turning back down 2.46% to $57.88.
Adjusted net loss per share came in at $9.02, versus Wall Street's expectations of $10.53. Revenue was $776 million, beating analyst's expectations of $738.5 million. The revenue result represented a 95% increase year-over-year. Adjusted EBITDA (earnings before interest tax depreciation and amoritization) was negative $216 million, narrower than the expected negative $276.82 million. Revenue per active ride grew 34% year-over-year to $37.86.
"The first quarter was a strong start to an important year, our first as a public company," said Logan Green, co-founder and CEO of Lyft. "Our performance was driven by the increased demand for our network and multi-modal platform, as Active Riders grew 46 percent and revenue grew 95 percent year-over-year. Transportation is one of the largest segments of our economy and we are still in the very early stages of an enormous secular shift from personal car ownership to Transportation-as-a-Service."
Management guided for full year 2019 revenue of between $3.275 billion and $3.3 billion, beating analyst's expectations of $3.242 billion. Adjusted EBITDA loss was guided for between $1.15 billion and $1.175 billion, narrower than the expected $1.245 billion.
The stock is down roughly 18% from its IPO price. A strike by Lyft and Uber drivers is planned for Wednesday morning between 7 a.m. and 9 a.m.
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