Lyft (LYFT) reported first-quarter results late Tuesday that beat estimates on the top and bottom lines. Lyft stock rose.
The ride-hailing company reported an adjusted loss of 35 cents a share on revenue of $609 million. Analysts expected an adjusted loss of 60 cents on revenue of $558.2 million, according to FactSet.
Lyft stock jumped 4.6%, near 58.75, during after-hours trading on the stock market today.
“As the recovery continues, we are confident that we will be able to deliver strong financial results,” said Chief Executive Logan Green, in written remarks with the Lyft earnings release.
Last week Lyft announced that it is selling its self-driving division to Toyota Motor (TM) for $550 million, which the company says will eliminate $100 million of annualized operating expenses and accelerate its profitability profile
Lyft stock, along with shares of Uber (UBER) and food delivery companies DoorDash (DASH) and GrubHub (GRUB) tanked last week on a report that President Joe Biden’s top labor official said most gig workers in the U.S. should be classified as “employees” deserving of related benefits.
Lyft’s top competitor, Uber, reports first-quarter results late Wednesday.
More to follow.