Ride-hailing company Lyft is reporting strong revenue growth but substantial losses in its first quarterly earnings report since its rocky stock market debut.
Lyft posted revenue of $776 million for the first quarter of 2019, nearly double what it made the same time last year.
But the San Francisco-based company lost $1.1 billion in the quarter, primarily because it paid out $894 million in stock-based compensation and related payroll taxes during its initial public offering.
After adjusting for those one-time costs, losses amounted to $211.5 million in the first quarter, compared to $228.4 million last year.
Lyft’s stock has tumbled since its IPO. On Tuesday it hovered around $59, down 18% from its IPO price of $72.
Lyft’s larger rival Uber plans to go public on Friday.