Lyft posts strong growth, big losses in first public quarter

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FILE - In this March 29, 2019 file photo, Los Angeles mayor Eric Garcetti speaks during and event for Lyft in Los Angeles. Lyft reports financial results on Tuesday, May 7, 2019. (AP Photo/Ringo H.W. Chiu, File)

NEW YORK — Ride-hailing company Lyft is reporting strong revenue growth but substantial losses in its first quarterly earnings report since its rocky stock market debut.

Lyft posted revenue of $776 million for the first quarter of 2019, nearly double what it made the same time last year.

But the San Francisco-based company lost $1.1 billion in the quarter, primarily because it paid out $894 million in stock-based compensation and related payroll taxes during its initial public offering.

After adjusting for those one-time costs, losses amounted to $211.5 million in the first quarter, compared to $228.4 million last year.

Lyft’s stock has tumbled since its IPO. On Tuesday it hovered around $59, down 18% from its IPO price of $72.

Lyft’s larger rival Uber plans to go public on Friday.

Cathy Bussewitz, The Associated Press

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