Lyft (LYFT) - Get Lyft, Inc. Class A Report shares traded lower Wednesday after the ride-hailing technology company and Uber (UBER) - Get Uber Technologies, Inc. Report competitor reported a narrower-than-expected first-quarter loss and said it continues to see a rebound in ridership as the pandemic recovery unfolds.
At last check, shares of Lyft were down 4.31% at $53.77 after rising 6% in premarket trading. The drop followed the San Francisco-based company posting a per-share loss of 35 cents, 25 cents narrower than the 60-cent loss forecast by analysts polled by FactSet. Revenue came in at $609 million, less than the $677.7 million forecast.
Active riders were 13.49 million vs. 12.8 million expected in a FactSet survey, while revenue per active rider was $45.13 vs. $44.50 expected by FactSet.
Transportation companies in general are beginning to see an increase in activity as COVID vaccinations spur business reopenings following more than 14 months of restrictions and stay-at-home orders - and as people feel more comfortable returning to work and traveling.
Lyft said in mid-March that it expected to post positive weekly ride-hailing growth on a year-over-year basis and every subsequent week through the end of the year, so long as COVID infection rates continued to decline.
The company reaffirmed its expectation that it will reach profitability on an adjusted earnings before interest, taxes, depreciation and amortization basis by the third quarter. Lyft had originally set a goal of reaching that benchmark by the end of the year.
Meantime, Uber will report its own first-quarter results after the close of trading on Wednesday. Analysts polled by FactSet are expecting Uber to post a loss of 56 cents a share on revenue of $3.3 billion.
At last check, shares of Uber were down 2.09% at $52.07.