Lyft, Inc. (NASDAQ: LYFT) has reported a wider net loss for the fourth quarter of 2022 when the taxi booking platform’s revenues increased by 21%. The bottom line was negatively impacted by an increase in operating expenses.
The San Francisco-based company posted a net loss of $588.1 million for the final three months of fiscal 2022, wider than the $283.2 million loss reported in the prior-year quarter. Adjusted net loss, excluding one-off items, widened to $270.8 million. Adjusted EBITDA, excluding one-off items, was a loss of $248.3 million during the three-month period, compared to a loss of $47.6 million in the fourth quarter of 2021.
At $1.2 billion, fourth-quarter revenues were up 21% year-over-year. At the end of the quarter, the company had around 20.4 million active riders, up 9% year-over-year. Revenue per user rose 11% to $57.72.
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“The better marketplace balance we see today creates significant opportunities for long-term profitable growth. To take advantage of this opportunity we must ensure competitive service levels. Reinforcing our competitive position, servicing more demand, and reducing our fixed and variable costs will put us in the best position to deliver strong shareholder returns,” said Logan Green, chief executive officer of Lyft.