Lyft posts more than $1 Billion loss in 1st quarter
The losses were primarily due to stock-based compensation and other expenses connected to its initial public offering.
With IPO-related costs excluded, Lyft's net loss for the quarter was $211.5 million.
In the same period last year, the company lost $234 million.
However, Lyft managed to double its revenue, posting $776 million for the quarter, a 95% increase from a year ago.