- 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.