Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Want a daily digest of the top Nashville news?
Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.
Want a daily digest of the top Columbus news?
Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.
Want a daily digest of the top Dallas news?
Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Illustration: Lazaro Gamio/Axios
Lyft's stock price shot up by 15% in after-hours trading after the company beat Q1 revenue estimates yet also posted a loss per share more than double what analysts expected.
Why it matters: With the coronavirus keeping most Americans home, Lyft is in crisis mode, cutting 17% of its workforce just last week. The report indicates the company was making solid progress getting more revenue out of its riders before the pandemic hit.
Lyft's ride volume in April was down 75% year-over-year, and even with a small rebound recently, is still down 70%, Lyft CEO Logan Green told analyst during the earnings call.
- The company is also planning to cut its capital expenditures for 2020 from a planned $400 million to $150 million.
"We have no interested in launching a consumer food delivery service, so we will not be doing that," Lyft president John Zimmer told analysts, though the company has experimenting with delivery of "essential" items like groceries and medical supplies.
By the numbers:
- Loss per share: $1.31, compared to $0.64 expected.
- Revenue: $955.7 million, compared to $897.86 million expected.
- Active riders: 21.21 million, up 3% year-over-year.
- Revenue per active rider: $45.06, up 19% year-over-year.
Editor's note: The story has been updated with additional details.