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Lyft, Inc. (NASDAQ: LYFT) has reported a wider net loss for the fourth quarter of 2022 as the taxi booking platform’s revenue increased by 21%. The following was negatively impacted by the increase in operating costs.
The San Francisco-based company posted a net loss of $588.1 million for the last three months of fiscal 2022, more than the $283.2 million loss it reported in the year-ago quarter. Adjusted net loss, excluding one-off items, rose to $270.8 million. Adjusted EBITDA, excluding one-off items, was a loss of $248.3 million in the three months, compared to a loss of $47.6 million in the fourth quarter of 2021.
At $1.2 billion, fourth-quarter revenue was up 21% year over year. At the end of the quarter, the company had about 20.4 million active riders, up 9% year over year. Revenue per user increased 11% to $57.72.
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“The better market balance that we see now creates a significant opportunity for long-term profitable growth. To take advantage of this opportunity we must ensure a competitive level of service. Strengthen our competitive position, serve more demand, and reduce fixed and variable costs will puts us in the best position to deliver strong shareholder returns,” said Logan Green, Lyft’s chief executive.
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