SAN FRANCISCO, May 6 (Xinhua) -- Leading U.S. ride-hailing company Lyft Inc. on Wednesday announced financial results for its first quarter (Q1) with a revenue increase of 23 percent year-over-year.
Lyft reported its first-quarter revenue of 955.7 million U.S. dollars versus 776 million dollars in the first quarter of 2019. Net loss for the first quarter was 398.1 million dollars compared to a net loss of 1.1 billion dollars in the same period last year. The company's net loss margin was 41.7 percent compared to 146.7 percent in the first quarter of 2019.
According to the financial report, Lyft's adjusted first-quarter net loss was 97.4 million U.S. dollars versus an adjusted net loss of 211.5 million dollars in the first quarter of 2019.
Lyft also reported 2.7 billion U.S. dollars of unrestricted cash, cash equivalents and short-term investments at the end of the first quarter of 2020.
"While the COVID-19 pandemic poses a formidable challenge to our business, we are prepared to weather this crisis," said Logan Green, co-founder and chief executive officer of Lyft.
"Our first-quarter results underscore the remarkable progress we have made since our IPO, particularly on our path to profitability as we reduced our Adjusted EBITDA loss to 85 million U.S. dollars from 216 million dollars in the year-ago period and 131 million dollars in the fourth quarter of 2019," said Brian Roberts, the chief financial officer of Lyft.
"We expect to remove approximately 300 million U.S. dollars from our annual expense run-rate by the fourth quarter of 2020 relative to our original expectations for 2020," Roberts added.
Lyft cut nearly 1,000 employees with hundreds more being furloughed last week to control cost in response to the impact of COVID-19 pandemic. Enditem
