By Yasin
Investing.com – Lyft (NASDAQ:LYFT) reported Tuesday better-than-expected first-quarter results as reopening of the economy boosted its recovery, inching the ride-hailing business closer toward profitability.
Shares rose 1.6% in after-market hours.
Lyft reported a Q1 loss per share of $0.35, narrower than consensus estimates for a loss of $0.53 a share, while revenues of $609 million topped estimates for $554.7 million.
The beat was led by the ride-hailing business as the economy reopens.
"We had an exceptionally strong Q1 as more people started moving again. Our results meaningfully exceeded our outlook driven by elevated demand across our network," said Brian Roberts, chief financial officer of Lyft.
The company said "active riders" on its platform fell 36.4% to 13.49 million in the first quarter year-on-year, with revenue per active rider rising to $45.13 from $45.06.
"Our results meaningfully exceeded our outlook driven by elevated demand across our network,” Roberts said.