Lyft loss widens to $1.1bn

8th May, 2019 09:40:21 printer

SAN FRANCISCO: Lyft said Tuesday its loss in the past quarter widened to $1.1 billion in the ride-hailing giant’s first financial report as a public company, as it announced it was teaming up with former Google car unit Waymo on autonomous taxis.

Revenue for California-based Lyft nearly doubled from a year earlier to $776 million and the number of active riders grew to over 20.5 million, reports AFP.

Lyft said its losses deepened as a result of $894 million in costs that included stock-based compensation and related tax expenses in connection with its initial public offering in late March.

The deficit compared with a loss of $234.3 million in the same period of 2018.