© Reuters. FILE PHOTO: Lyft supporters gather for the Lyft IPO as the company lists its shares on the Nasdaq in the first-ever ride-hailing initial public offering, in Los Angeles
By Akanksha Rana and Tina Bellon
(Reuters) – Lyft Inc (O:) on Wednesday posted higher-than-expected revenue and the ride-hailing company vowed further cost cuts to become profitable, saying ridership hit by the coronavirus pandemic had improved in late April.
Shares in Lyft rose over 18% in after-hours trading, but shares are still less than half the $72 price from their initial public offering last year. Shares of larger rival Uber Technologies Inc (N:) were up 9%.
The first-quarter results offer a first look at the impact of strict stay-at-home orders to combat the spread of the virus in many of the ride-hailing industry’s largest markets.
Lyft’s earnings also serve as an indicator for the performance of Uber, which will…