Lyft reported first quarter revenue of $609 million, a 36 percent
year over year drop, but a 7 percent increase from $569.9 million in the fourth
quarter of 2020, the ride-hail company announced in its earning call Tuesday.

The number of active riders in Q1 amounted to 13.5 million, down
36.4 percent from the same period last year, but still higher than 12.6 million
in Q4 2020. Revenue per active rider was $45.13, up from $45.06 in the first
quarter of 2020.

“We had an exceptionally strong Q1 as more people started moving
again,” said Lyft CFO Brian Roberts. “Our results meaningfully
exceeded our outlook driven by elevated demand across our network.” 

Net Q1 loss amounted to $427.3 million, up from $398.1 million in
the same period last year. Adjusted EBITDA loss for Q1 2021 was $73 million, an
improvement of $12.2 million compared to the first quarter of 2020 and an
improvement of $77 million compared to the fourth quarter of 2020. 

Lyft expects driver
supply to ramp up in the months ahead, especially in Q3. Lyft CEO Logan
Green cited multiple trends increasing driver supply: dropping Covid-19 cases,
more vaccinated drivers, federal unemployment sunsetting in the third quarter
and reduced food delivery demand as the economy opens back up. 

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