Lyft Q1 Results Beat Street View

(RTTNews) - Shares of Lyft Inc. (LYFT) gained over 4% on extended session Tuesday after the ride-hailing company's first-quarter results trumped Wall Street estimates despite negative effects of COVID-19 pandemic.

San Francisco, California-based Lyft reported a first-quarter loss of $427.3 million or $1.31 per share compared with $398.1 million or $1.31 per share last year.

Adjusted loss for the quarter were $0.35 per share, compared to $0.32 per share last year. On average, 20 analysts polled by Thomson Reuters estimated loss of $0.53 per share for the quarter. Analysts' estimates typically exclude one-time items.

Lyft's revenues for the first quarter tanked 36% to $609.0 million from $955.7 million last year. Analysts had a consensus revenue estimate of $558.7 million for the quarter.

Active riders in the first quarter decreased 36.4% to 13.5 million, while revenue per active rider inched up 0.2% to $45.13.

LYFT closed Tuesday's trading at $56.19, down $0.89 or 1.56%, on the Nasdaq. The stock, however, gained $2.31 or 4.11%, in the after-hours trade.