Lyft Inc (NASDAQ: LYFT) reported quarterly losses of $1.31 per share on Wednesday, which missed the analyst consensus estimate that called for a loss of 64 cents.
The company reported quarterly sales of $955.712 million, which beat the analyst consensus estimate of $897.860 million.
"While the COVID-19 pandemic poses a formidable challenge to our business, we are prepared to weather this crisis," said CEO Logan Green. "We are responding to the pandemic with an aggressive cost reduction plan that will give us an even leaner expense structure and allow us to emerge stronger."
Lyft reports active riders increased 3% year-over-year at 21.2 million and the revenue per active riders is at $45.06 versus $37.86 year-over-year. The company adjusted EBITDA was a loss of $85.2 million, up from a loss of $216 million in the same period last year.
"In these uncertain times, we are building on that progress by taking decisive action to reduce costs and further improve our operating efficiency," said CFO Brian Roberts. "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.”
Lyft shares were trading up 12.83% at $29.47 in Wednesday’s after-hours session. The stock has a 52-week high of $68.33 and a 52-week low of $14.56.
Uber Technologies Inc (NYSE: UBER), which reports earnings on Thursday, traded up more than 6% in sympathy.