Lyft, Inc. (NASDAQ: LYFT) announced Tuesday after market financial results for its fourth quarter and fiscal year ended December 31, 2019.
The on-demand ridesharing Company reported Q4 2019 revenue of $1,017.1 million versus $669.5 million in the fourth quarter of 2018, an increase of 52 percent year-over-year.
Net loss for Q4 2019 was $356.0 million versus a net loss of $248.9 million in the same period of 2018. Net loss for Q4 includes $207.3 million of stock-based compensation and related payroll tax expenses, as well as $18.8 million related to changes to the liabilities for insurance required by regulatory agencies attributable to historical periods. Net loss margin for Q4 was 35.0 percent and 37.2 percent in the fourth quarter of 2018.
Overall, Lyft topped $1 billion in quarterly revenue for the first time as riders grew more than expected. This impressive achievement was not enough to keep the shares from felling about 5% Wednesday after the company kept its timeline for hitting profitability unchanged. This is only a week after Lyft’s largest competitor, Uber Technologies, Inc. (NYSE: UBER) pulled forward its target date with the target of becoming profitable.
“Fiscal 2019 was an exceptional year across the board. We significantly improved our path to profitability while simultaneously reaching critical milestones toward our long-term strategy,” said Logan Green, co-founder and chief executive officer of Lyft. “Continued strength in core rideshare drove our industry-leading growth, led by product innovation and operational excellence on every facet of our robust transportation platform. With the Lyft transportation network, we are already helping over 22 million consumers get around in a much more simple and economical way. Today, people can go to the Lyft app and choose their preferred mode of transportation, including cars, bikes, scooters, and public transit – all in one place.”