Market Updates
Lyft Drops on Lower Guidance, Active Riders Jump 31%
Scott Peters
04 May, 2022
New York City
Lyft Inc, the ride-hailing company, reported first quarter revenues soared 44% to $875.6 million and net loss shrank more than 50% to $196.9 million.
Diluted loss per share shrank to 57 cents from $1.31 a year ago.
Total active riders increased 32% to 17.8 million and revenue per active rider increased 9% to $49.18 from a year ago. i
The company also said second quarter higher marketing expenses are likely to depress the adjusted EBITDA to between $10 million and $20 million from $54.8 million in the first quarter.
At the end of the quarter the company reported $2 billion of cash and cash equivalent.
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