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Lyft Q1 Revenues Beat Wall Street View; Shares Jump 17%

Shares of Lyft Inc. (LYFT) jumped 17% on extended session Wednesday after the ride-hailing company's first-quarter revenues trumped Wall Street estimates despite negative effects of COVID-19 pandemic, as active riders and revenues per riders increased.

San Francisco, California-based Lyft's first-quarter loss narrowed to $398.1 million or $1.31 per share from $1.14 billion $48.53 per share last year.

On average, 26 analysts polled by Thomson Reuters estimated loss of $0.64 per share for the quarter. Analysts' estimates typically exclude one-time items.

Lyft's revenues for the quarter surged 23% to $955.7 million from $776.0 a year ago. Analysts had a consensus revenue estimate of $897.86 million for the quarter.

CEO Logan Green said, "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. Our competitive resilience and commitment to our culture and values will put Lyft in the best position to deliver on our mission of improving people's lives with the world's best transportation."

Active riders in the first quarter increased 3%, while revenue per active rider increased 19%.

LYFT closed Wednesday's trading at $26.12, down $0.56 or 2.10%, on the Nasdaq. The stock, however, gained $4.53 or 17.34%, in the after-hours trade.

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