Shares of Lyft (NASDAQ: LYFT) climbed 5% on Wednesday after the ridesharing company posted expectation-topping fourth-quarter results.
Lyft’s revenue fell 44% year over year to $569.9 million, as COVID-19 continued to take a toll on its business. However, Lyft’s revenue did rise 14% sequentially, as the economy recovered. Moreover, Wall Street had expected revenue of only $563 million.
The ridesharing leader’s losses were also better than expected. Lyft produced an EBITDA loss of $150 million, which was an $89.7 million improvement from the third quarter. It also bested analysts’ estimates, which had called for an EBITDA loss of $185 million.