Lyft is reporting revenue of $955.7 million in the first quarter of 2020, a year-over-year increase of 23% versus $776 million in the first quarter of 2019.
Net loss for the period ending March 31 was $398.1 million compared to a net loss of $1.1 billion for the same period of 2019.
Adjusted EBITDA loss for Q1 2020 was $85.2 million compared to $216 million in Q1 2019, its first year on the public markets.
Lyft CFO Brian Roberts says the results underscore the “remarkable progress” the ride-share company has made since its IPO, “particularly on our path to profitability as we reduced our adjusted EBITDA loss to $85 million from $216 million in the year ago period and $131 million in the fourth quarter of 2019.”
In February, Lyft predicted it would achieve profitability by the fourth quarter of 2021.
Roberts says that amid the uncertainty of the coronavirus crisis, Lyft plans to build on that progress by reducing costs, which includes laying off 17% of Lyft staff and furloughing another 300.
“We expect to remove approximately $300 million from our annual expense run-rate by the fourth quarter of 2020 relative to our original expectations for 2020.”
Despite the coronavirus’ impact on travel – the company expects ridership to remain down for the foreseeable future, with it hitting a low the second week of April - the number of Lyft’s active riders increased 3% year-over-year to 21.2 million up from 20.5 million in 2019.
Revenue per active rider also increased, up 19% year-over-year to $45.06 from $37.86 in 2019, a record high.
Lyft rival Uber will report its results on Thursday.