Lift President John Zimmer (R) and CEO Logan Green speak as lifting lists on Nasdaq at an IPO event in Los Angeles on March 29, 2019.
Mike Blake | Reuters
Lyft reported a huge loss for its first quarterly results report as a public company on Tuesday, but said it made progress in increasing its active rider ship. The warehouse first spiked on the news before it dropped to 3%.
Such is Lyft's report compared to analysts' expectations for the first quarter of 201
- Loss per share: $ 9.02, adjusted
- Revenue: $ 776 million, compared to $ 739.4 million, expected per refinitive
While analysts' non-comparable estimate of a $ 1.81 loss per share for Lyft's first quarter per Refinitiv's analyst survey could have been on the low-end due to lack of data typical of a Companies that are fresh in the public market, Lyft's losses are still considerable. Income estimates from Refinitiv were also based only on nine analysts, which estimated losses anywhere between $ 0.63 and $ 4.73 per share.
The steep loss still marks an improvement from Lyft's previous quarter, when Lyft reported a non-GAAP loss of $ 11.40 per share.
For the second quarter, Lyft said it expects to report revenue between $ 800 million and $ 810 million. It led total sales between $ 3.275 billion and $ 3.3 billion for the entire fiscal year.
Despite skepticism about public exchange, Lyft has continued to increase its user-friendliness in the first quarter of the fiscal year. The company said it had 20.5 million active riders in the quarter compared to 14 million in the first quarter of 2018. It also saw an increase in revenue per asset rider of $ 37.86 compared to $ 28.27 for the same quarter last year.
Around the time of Lyft's report, Alphabos self-propelled car company Waymo announced a new partnership with Lyft in a medium post. Over the next few months, Waymo said it would distribute 10 of its cars to Lyft in the Metro Phoenix area. Riders in the area will be able to choose Waymo as an alternative from their lift app for some trips, wrote Waymo.
The announcement could mark a significant step for Lift, which, like other riding companies, including Uber, yields a significant portion of the revenue to its drivers. Analysts have suggested that automation is an important step for one of these companies to achieve profitability.
Lift had a rocky beginnings of trading, down more than 20% over the last month and nearly $ 13 of the IPO price of $ 72 per share. The company debuted with a $ 20 billion worth of valuation at the high end of the expected range, but market developments have since dropped to around $ 17 billion.
Correction: This story has been updated to reflect Lyft reported $ 776 million in revenue for the first quarter. An earlier version said it reported $ 779 million.
Subscribe to CNBC on YouTube.
See a Lift Investor makes the case that it is superior to Uber