In its first financial report since going public, Lyft beat analysts’ revenue expectations but signaled no end to its spending spree.
Lyft's report suggests its intense competition with Uber in the ride-hailing market will continue.
The second-largest ride-hailing service in North America projected second-quarter revenue of $800 million to $810 million. Analysts were expecting $782 million, according to data compiled by Bloomberg. Lyft expects sales of $3.28 billion to $3.3 billion for the year, also above estimates.Lyft used the occasion to tout a new agreement with Waymo. The Alphabet Inc. unit will deploy 10 autonomous vehicles near Phoenix in the next few months for customers to book through the Lyft app.
The report suggests that intense competition with Uber Technologies Inc. in the ride-hailing market will continue. Lyft projected a loss before interest, taxes and other expenses of as much as $1.18 billion for 2019. Lyft had warned investors that 2019 will be a costly year. Uber has similarly signaled that competition has further extended its losses. Investors are watching for an eventual cease-fire, but the battle for market share remains the priority for the time being, according to analysts.
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