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Tuesday, May 03, 2022 5:22:17 PM
By: Investing.com | May 3, 2022
LYFT Inc (NASDAQ:LYFT) stock initially jumped 2% in extended trading after the company reported first-quarter earnings.
The company announced a loss per share of 57 cents on revenue of $875.6 million. Analysts polled by Investing.com anticipated a loss of 10 cents a share on revenue of $846.96 million.
Lyft said rideshare ride volumes reached a new pandemic high during the quarter.
“Our Q1 results meaningfully exceeded our outlook. This outperformance was driven by increased demand and resilient driver levels,” said Elaine Paul, the chief financial officer of Lyft.
“We will continue improving service levels to benefit our business in the near-term and put us in the best position to support increasing demand over the long-term. We also expect to strategically invest in key business initiatives to support our continued growth,” Paul added.
Lyft stock gave up early gains and fell a further 3%.
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