Lyft Posts More Than $1 Billion Loss In 1st Quarter
CNN reports Lyft said Tuesday it lost $1.14 billion in the first three months of the year.
The losses were primarily due to stock-based compensation and other expenses connected to its initial public offering.
With IPO-related costs excluded, Lyft's net loss for the quarter was $211.5 million.
In the same period last year, the company lost $234 million.
However, Lyft managed to double its revenue, posting $776 million for the quarter, a 95% increase from a year ago.