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Lyft soars 17% on strong sales, narrower losses

May 06, 2020 4:27 PM ETLyft, Inc. (LYFT) Stock, UBER StockUBER, LYFTBy: Brandy Betz, SA News Editor56 Comments
  • For the first quarter ending on March 31, Lyft (NASDAQ:LYFT) reports EPS and revenue beats with sales up 24% Y/Y. Shares are up 17% after hours, while rival Uber (NYSE:UBER) gets an 8% boost.
  • Adjusted net loss was $97.4M compared to the $211.5M in last year's quarter.
  • Adjusted EBITDA loss was $85.2M versus $216M.
  • Active riders grew 3% Y/Y to 21.2M. Revenue per active rider rose 19% to $45.06.
  • Cost cuts: Lyft expects to remove $300M from its annual expense run-rate by Q4 relative to its original expectations for 2020.
  • Lyft ended the quarter with $2.7B in unrestricted cash and equivalents.
  • Earnings call is scheduled for 4:30 PM with a webcast here.
  • Press release.

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