SAN FRANCISCO (AP) _ Lyft Inc. (LYFT) on Tuesday reported a loss of $427.3 million in its first quarter.
The San Francisco-based company said it had a loss of $1.31 per share. Losses, adjusted for stock option expense and non-recurring costs, were 36 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 54 cents per share.
The ride-hailing company posted revenue of $609 million in the period, also topping Street forecasts. Nine analysts surveyed by Zacks expected $556.8 million.
Lyft shares have increased 14% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $56.19, more than doubling in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on LYFT at https://www.zacks.com/ap/LYFT
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