Lyft’s business has been growing in the past month as states begin to reopen, but rides are still significantly down versus the same period a year ago, according to a regulatory filing released by the company Tuesday.
The company said that rides on the platform increased 26% in May compared with April, a month that saw few state reopenings. Still, Lyft said rides are down about 70% compared with a year ago. Lyft’s data is one of the first looks a company has given investors on how well businesses are doing as states start to reopen.
The company added that it doesn’t expect its adjusted EBITDA loss for its second quarter to exceed $325 million if average ride-share volume in June is similar to May levels. Previously, the company said that loss would not exceed $360 million.
Shares rose more than 4% in after-hours trading.
*by Jessica Bursztynsky via CNBC*