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.