Lyft's fourth-quarter earnings show $1 billion in revenue

From CNET: Lyft faced an uncertain fourth quarter in 2019 but still managed to beat analysts' expectations for revenue. The ride-hailing company reported its highest quarterly revenue to date, coming in at more than $1 billion.

The company focused on slimming down during the quarter that ended in December, scaling back its bike and scooter initiatives and laying off employees. Lyft pulled its scooter operations in six cities across the US, saying ridership wasn't what it expected and laid off about 20 people on that team.

On Tuesday, Lyft reported its revenue rose 52% to $1.02 billion in the fourth quarter, beating analysts' expectations of $984 million. And while Lyft still posted a net loss of $356 million for the quarter, those losses were narrower than expected. The company reported a loss of $1.19 per share, which is less than the average $1.36 loss per share forecast by analysts.

"We significantly improved our path to profitability while simultaneously reaching critical milestones toward our long-term strategy," Logan Green, Lyft co-founder and CEO, said in a statement. "With the Lyft transportation network, we are already helping over 22 million consumers get around in a much more simple and economical way."

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