Lyft reports 26% growth in rides for May as states begin to reopen, but the worst is far from over

• Lyft said that rides on the service increased 26% in May compared with April, a month that saw few state reopenings.
• Still, Lyft said rides are down about 70% compared with a year ago. 
• The company added that it expects its adjusted EBITDA loss for the second quarter not to exceed $325 million if average daily ride-share volume in June is similar to May.

A driver adjusts his face mask as Uber and Lyft drivers with Rideshare Drivers United and the Transport Workers Union of America conduct a ‘caravan protest’ outside the California Labor Commissioner’s office amidst the coronavirus pandemic on April 16, 2020 in Los Angeles, California. (Photo by Mario Tama/Getty Images)

Mario Tama

Lyft's business has been growing in the past month as states begin to reopen, but rides are still significantly down versus the same period a year ago, according to a regulatory filing released by the company Tuesday.

The company said that rides on the platform increased 26% in May compared with April, a month that saw few state reopenings. Still, Lyft said rides are down about 70% compared with a year ago. Lyft's data is one of the first looks a company has given investors on how well businesses are doing as states start to reopen.

The company added that it doesn't expect its adjusted EBITDA loss for its second quarter to exceed $325 million if average ride-share volume in June is similar to May levels. Previously, the company said that loss would not exceed $360 million. 

Shares rose more than 4% in after-hours trading. 

Correction: Lyft said that EBITDA loss for the second quarter would not exceed $325 million.

Subscribe to CNBC on YouTube.