For the quarter, Lyft (Ticker: LYFT) reported revenue of $609 million, down 36% from a year ago, but up 7% from the December quarter, and ahead of the Street consensus estimate at $559 million. The company had an adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) loss of $73 million, narrower than the company’s most recent forecast of a loss of $135 million.
Lyft said it had a GAAP loss of $427.3 million, which includes $180.7 million of stock-based compensation and related payroll tax expenses and $128 million related to changes to the liabilities for insurance required by regulatory agencies attributable to historical periods.
On an adjusted basis, the company had a loss of $114.1 million, compared with a loss of $97.4 million in the year-ago quarter.
“The improvements we’ve made over the last year are paying off – we’ve built a much stronger business,” CEO and co-founder Logan Green said in a statement. “As the recovery continues, we are confident that we will be able to deliver strong financial results. We expect to build a significantly larger company by attacking the trillion dollar plus market opportunity in front of us.”
In late trading, Lyft shares are up 7% to $60.10.
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