Lyft Q4 Results Beat Street View

(RTTNews) - Shares of Lyft Inc. (LYFT) gained over 10% on Tuesday after the ride-hailing company's fourth-quarter results beat street view.

San Francisco, California-based Lyft's fourth-quarter loss widened to $458.2 million or $1.43 per share from $356.0 million or $1.19 per share last year.

Adjusted loss for the quarter were $0.58 per share, wider than last year's loss of $0.41 per share last year. On average, 18 analysts polled by Thomson Reuters estimated loss of $0.72 per share for the quarter. Analysts' estimates typically exclude one-time items.

Lyft's revenues for the quarter plunged 44% to $569.9 million from $1.02 billion a year ago. Analysts had a consensus revenue estimate of $562.49 million for the quarter.

"Despite the difficult backdrop in 2020, we continued to focus on improving our business for the long-term," said Logan Green, co-founder and chief executive officer of Lyft. "The progress we've made has been significant and I believe we are now in a stronger position than at any time in our past. Even as we've strengthened our financial position, we've continued to fund strategic investments that build on our core competencies and on our marketplace flywheel, to lower costs and deliver more value to drivers, riders and partners."

Active riders in the quarter dropped 45.2%, while revenue per active rider gained 2.3%.

LYFT closed Tuesday's trading at $53.64, up $0.23 or 0.43%, on the Nasdaq. The stock further gained $5.61 or 10.46% in the after-hours trade.