Searching for smart, safe news you can TRUST?
Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.
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
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Illustration: Lazaro Gamio/Axios
In its very first quarterly earnings as a public company, Lyft beat analyst's revenue expectations, but that was overshadowed by the large loss it reported.
Why it matters: Lyft beat Uber to the IPO but its stock price has plummeted since debuting on the public market at the end of March.
By the numbers:
- Loss per share: $9.02 (adjusted) vs. $1.81 expected, per Yahoo Finance.
- Revenue: $776 million vs. $739.48 million expected, per Yahoo Finance.
- Lyft's net loss for Q1 was $1.139 billion, which the company says includes "$894 million of stock-based compensation and related payroll tax expenses, primarily due to RSU expense recognition in connection with our initial public offering."
- Lyft had 20.5 million active riders in Q1, up 46% year-over-year, and $37.86 in average revenue per active rider, up 34% year-over-year.
New: Lyft also announced a new partnership with Waymo, Alphabet's self-driving car unit, through which the latter will deploy 10 vehicles on Lyft's service in Phoenix.
Lyft's stock price was down more than 3% in after-hours trading after it reported earnings.
Editor's note: The story has been updated with more details about Lyft's results.