Ride-hailing group Lyft forecast better than expected earnings for the current quarter on Tuesday, as it works to bolster margins and become profitable.
Lyft expects adjusted earnings between $95mn and $100mn in the second quarter of the year, well ahead of analysts’ forecasts for $81mn. Shares rose 3 per cent after results were published.
The company’s net loss for the first three months of the year was $31.5mn, compared with $187.6mn in the same period last year and better than consensus expectations for a loss between $55mn and $60mn.
Lyft said it had 21.9mn active riders during the period, a 12 per cent rise compared with the same quarter last year.
Read the full article here
