The American company, Lyft, announced on Tuesday that it closed its 2019 fiscal year with losses of 2.6 billion dollars (185% higher than those recorded the previous year), but increased turnover by 68%.
The San Francisco (California) based company made US $3.616 billion between January and December, well above the US $2.157 billion made in 2018, but its expenses doubled, which explains the large increase in losses.
During this same time, Lyft investors lost $11.44 per share, compared to $43.04 a year ago.
These figures, however, must be contextualized in the particular year that the company experienced with its IPO on March 29, since a substantial part of the expenses, such as US $859 million are for shareholder compensation, are linked precisely to that operation.
In addition, investors agree that the firm is still in the growth stage of startups, in which it prioritizes gaining market share and settling as the main player to obtain benefits.
The Californian company, which restricts its operations to the United States and Canada, has gained 23% of passengers during the last year to stand at 22.9 million active users, while increasing the average revenue per passenger also by 23%, from $36.02 to $44.4.
In March Lyft starred as one of the most popular stock market outings of the year, which a few months later would follow that of its great competitor, Uber, and both companies suffered the same fate: a drastic fall in value a few weeks after their departure and then gradually recovering.
On Tuesday, Lyft’s accounts did not provoke Wall Street, and their shares were left at 4.43% to $51.58 per share in electronic operations after the closure of New York’s stock exchange.