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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.

Go deeper

Breaking down Uber and Lyft's threat to suspend services in California

Illustration: Lazaro Gamio/Axios

Uber and Lyft are ratcheting up the fight with California’s state government over the classification of drivers with a move that would deprive Californians of their ride-hailing services (and halt driver income).

Driving the news: On Wednesday, both companies said that if a court doesn’t overturn or further pause a new ruling forcing them to reclassify California drivers as employees, they’ll suspend their services in the state until November’s election, when voters could potentially exempt them by passing a ballot measure.

Dion Rabouin, author of Markets
23 mins ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.

Mike Allen, author of AM
54 mins ago - Politics & Policy

Biden-Harris, Day 1: What mattered most

President Joe Biden and first lady Dr. Jill Biden arrive at the North Portico of the White House. Photo: Alex Brandon-Pool/Getty Images

The Axios experts help you sort significance from symbolism. Here are the six Day 1 actions by President Biden that matter most.

Driving the news: Today, on his first full day, Biden translates his promise of a stronger federal response to the pandemic into action — starting with 10 executive orders and other directives, Caitlin Owens writes.

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