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Lyft Narrows Loss Despite Virus, Sending the Stock Surging
- CFO says company will cut $300 million more than anticipated
- But sales growth slowed significantly to 23% in first quarter
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Lyft Inc. overcame investors’ worst expectations Wednesday when it pushed closer to profitability and reported moderate growth of the ride-hailing business in a quarter partly marred by the effects of the coronavirus pandemic.
The San Francisco-based company reported a loss excluding interest, taxes and other costs of $85.2 million for the first quarter. That was a 61% reduction from a year ago. After the report, the stock rose about 17% in extended trading.