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Lyft (NASDAQ: LYFT) reported that its active users and revenue increased substantially during the first quarter this year.

The ride-sharing company’s Co-founder and CEO Logan Green described its quarterly financial performance as “a strong start to an important year, our first as a public company.”

 First quarter financial results

During the first quarter ended March 31, Lyft said its Active Riders increased 46 percent to 20.5 million from 14 million in the same period last year.

Its revenue rose 95 percent to $776 million from $397.2 million in the year-ago quarter. Its revenue was better than the $739.4 million expected by Wall Street analysts.

“Our performance was driven by the increased demand for our network and multi-modal platform as Active Riders grew 46 percent and revenue grew 95 percent year-over-year. Transportation is one of the largest segments of our economy and we are still in the very early stages of an enormous secular shift from personal car ownership to Transportation-as-a-Service,” said Mr. Green.

Lyft posted adjusted net loss of $211.5 million, lower than its adjusted net loss of $228.4 million in the same period a year ago. Is adjusted loss per share was $9.02 compared to $11.40 per share in the year-ago quarter.

The ride-hailing company’s steep adjusted losses surprised investors. Nine analysts at Refinitiv estimated its losses to be around $0.63 to $4.73 per share.

Although its adjusted net loss was bigger than the expectations of analysts, it’s still an improvement year-over-year.

Financial outlook

For the second quarter, Lyft is expecting its total revenue to be in the range of $800 million to $810 million and its adjusted EBITDA loss to be between $270 million and $280 million.

For the full fiscal year 2019, the ride-sharing company is anticipating its total revenue to be $3.275 billion and $3.3 billion and its adjusted EBITDA loss to be between $1.15 billion and $1.175 billion.

LYFT shares dropped two percent to $59.34 each and declined further to $58.85 a piece after-hours around 6:22 p.m. in New York.

The ride-sharing company lost more 18 percent in stock value since its initial public offering (IPO). Lyft priced its IPO at $72 per share.

Last month, Activist short-seller Andrew Left of Citron Research said he is bullish on Lyft shares. He gave five reasons why Lyft is a good investment and warned that betting against the company’s stock is a “sure way to go broke.”

In a note to clients, Mr. Left wrote, “Shorting disruptive companies that dominate a megatrend simply because they lose money is a sure way to go broke.”