The past few months have been shaky for Lyft. The ride-hailing giant's business has been curbed by the coronavirus, and the company has responded with layoffs. On Tuesday, however, Lyft's first-quarter earnings didn't fully reflect those problems.
Lyft reported its revenue rose 23% since the same time last year to $995.7 million, beating analysts' expectations of $897 million. But the company posted a net loss of $398.1 million for the quarter, which was greater than expected though narrower than its losses during the same time last year.
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"While the COVID-19 pandemic poses a formidable challenge to our business, we are prepared to weather this crisis," Lyft CEO Logan Green said in a statement. "We are responding to the pandemic with an aggressive cost reduction plan that will give us an even leaner expense structure and allow us to emerge stronge
