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.
