Lyft continues to post losses despite revenue growth
Posted August 7, 2019 1:06 pm.
NEW YORK — Lyft is reporting strong revenue growth but deep losses in its second quarter, a trend that it has so far been unable to reverse.
The ride-hailing company on Wednesday posted revenue of $867.3 million, up 72% from the same time last year.
But the San Francisco-based company lost $664.2 million in the quarter, which was worse than the $445 million loss that analysts polled by FactSet expected.
More than a third of the loss came from stock-based compensation Lyft paid out after its IPO in March. The company also lost $141 million due to changing requirements for liabilities for insurance.
Lyft CEO Logan Green says he expects the total losses in 2019 to be better than previously expected.
Lyft’s main rival Uber will report earnings Thursday.
Cathy Bussewitz, The Associated Press
