Shares in the ride-haling company Lyft, the ASSOCIATED PRESSDon’t expect profits anytime soon, but Lyft is hoping losses will drop after this year. In its first quarterly results after its IPO, Lyft reported a $1.138 billion loss for the first quarter, of which an $894 million chunk went to stock-based compensation and payroll expenses. “We anticipate that 2019 will be our peak loss year,” said Brian Roberts, Lyft’s chief financial officer, said in a call with analysts and journalists. Analysts saw Lyft's earnings as a "prove me" movement ahead of Uber's anticipated public debut on Friday. Lyft may have passed its first earnings hurdle, but Uber's IPO around the corner will test its stock performance —and investor appetite for unprofitable ride-hailing companies—once again.

Source: Forbes May 07, 2019 22:18 UTC