President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing the possible sale of...World Politicsread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
Secretary of State Mike Pompeo privately told business executives and free traders that the trade war could end by the 2020 election and that hurdles to an immediate agreement...2020 Electionsread more
Market bull Jeff Saut told CNBC on Tuesday that the lows are in and the market is headed "much higher."Marketsread more
Home Depot CFO Carol Tome says "consumer confidence is near record high levels" but "consumer demand could be impacted" by lingering U.S.-China trade tensions.Mad Money with Jim Cramerread more
The company's stock seesawed after the markets closed Tuesday, initially swinging up by 4% before falling by about 2%.Retailread more
VMware has become accepting of the corporate rush to the cloud. A new acquisition could help it make more revenue as companies adopt a modern approach called serverless...Technologyread more
President Donald Trump believes he has quite the bargaining chip with the European Union.Marketsread more
The United States does not have a defense against hypersonic weapons, which can travel at least five times the speed of sound, or a little more than a mile per second....Defenseread more
growth seen slowing@ (Recasts throughout with results)
SAN FRANCISCO, May 7 (Reuters) - Lyft Inc's quarterly revenue rose 95% and topped market expectations on Tuesday as the ride-sharing company reported its first results after going public, days before rival Uber plans its own IPO.
Lyft posted a $1.1 billion loss in its first quarter, hit by stock-based compensation charges due to its initial public offering. Lyft, which forecast growth would slow in the second quarter, is watched as a bellwether for its larger rival Uber Technologies Inc which will price its offering on Thursday.
Lyft, which has nearly 40% of the U.S. ride-sharing market, said increased demand helped push revenue to $776 million in the quarter, 95% above its $397.2 million a year earlier, and up 16% from its fourth quarter.
Revenue was above analysts' average estimate of $739.4 million, according to IBES data from Refinitiv.
An outlook for second-quarter revenue of $800 million to $810 million was ahead of analysts' expectations of $783.1 million. The low end of that forecast would amount to revenue growth of 58%, however, far short of the growth Lyft has enjoyed recently.
The company also forecast an expected adjusted EBITDA loss of $270 million to $280 million for the second quarter.
In a statement, Chief Executive Logan Green called results "a strong start."
Lyft posted revenue of $37.86 from each of its 20.5 million active riders during the first quarter, a 34% increase in revenue and a 46% increase in riders over the same period in 2018.
Total costs and expenses rose more than 200% in the quarter as it stepped up its promotional activities to compete with rival Uber, although a contribution margin improvement to 49.6% from 35.4% pointed to greater efficiency.
A net loss widened to $1.14 billion, or $48.53 per share, in the first quarter ended March 31 from $234.3 million, or $11.69 per share, a year earlier. Stock-based compensation and payroll tax made up $894 million of that amount.
Shares of Lyft have been in a slump since the company's own IPO, falling 23% since its first day of trade on March 29 and IPO price of $72.
Both Lyft and Uber have warned in regulatory filings that they may never make a profit and they face growing competition, friction with drivers and pricing pressure.
Unlike its larger, more international rival, Lyft focuses almost exclusively on ride-hailing in the United States.
One point of contention for some Lyft investors has been the company's dual-class share structure, which gives founders outsized control of the company.
Last year, Lyft had 30.7 million riders and 1.9 million drivers in more than 300 cities in the United States and Canada. In comparison, Uber - which could be valued at about $90 billion - had 75 million riders and 3.9 million drivers in 65 countries. (Reporting by Alexandria Sage in San Francisco and Vibhuti Sharma in Bengaluru; Additional reporting by Supantha Mukherjee in Bengaluru; Editing by Bernard Orr and Lisa Shumaker)