Lyft Inc. it recorded a narrower annual loss, even as the coronavirus pandemic pounded its business, indicating that the driving company is turning to profitability despite the unprecedented crisis.
The San Francisco-based company said its revenue in 2020 was down 35%, to $ 2.4 billion. The net loss for the year was $ 1.8 billion, compared to $ 2.6 billion the previous year. Lyft’s end result was fueled by aggressive cost cuts that included workers at work, wage cuts and other operating changes, which cost $ 360 million last year, he said. President John Zimmer in an interview this Tuesday.
“We used an incredibly hard year to establish long-term growth,” he said in the interview, reiterating that the losing company is on track to post a tightly profitable quarter later this year. .
Lyft shares have more than doubled since early November, raised by the distribution of Covid-19 vaccines and a major regulatory victory in the company’s home state this month. Shares jumped more than 10% in trading outside of Tuesday hours, driven by the company’s full-year results.
Lyft posted fourth-quarter revenue of $ 570 million, slightly higher than the previous three months, but fell 44% from a year earlier. The company said an increase in Covid-19 cases in key markets and new blockades weighed on travel demand in the second half of the quarter. The net loss for the period was $ 458.2 million, compared to $ 356 million the previous year.