The company reported a net loss of $1.19 a share, which came in lower than the loss of $1.39 a share that analysts were expecting.
Lyft reported revenue of $1.02 billion, coming in stronger than analyst expectations for $984.17 million.
This was the first time that the company has posted revenue over $1 billion.
While Lyft CEO Logan Green said that the company “significantly" improved its path to profitability, the company did not move up its profitability timeline, unlike its rival, Uber (UBER) - Get Report, did when it reported earnings.
The company is aiming to become EBITDA positive by 2021. Uber, meanwhile, says that it will be EBITDA positive by the fourth quarter of 2020.
Lyft guided higher, aiming for revenue between $1.055 billion and $1.060 billion for the first quarter or 2020.
It expects to have an EBITDA loss of $145 and $140 million.
And, in the call, Green said that Lyft will continue to invest in technology advancements in 2020.
During the call, RBC analyst Mark Mahaney asked Green about Lyft’s pricing.
“We really want to win on product innovation, on customer experience and brand preference, not on things like coupons or incentives,” Green noted.
Lyft was still falling in premarket trading, but year-to-date, the stock is up around 25%.