Shares of Lyft fell more than 6% Wednesday after reporting a huge loss in its first ever earnings report as a public company.
. The drop is another hit to Lyft's stock, which has fallen 21% over the past month. Wednesday's tumble shaved about $1.1 billion from Lyft's market cap, bringing it to about $15.8 billion. That's just about $700 million more than itsLyft reported an adjusted loss per share of $9.02 while beating analyst estimates on revenue, reporting $776 million for the quarter compared to the $739.4 million expected, according to Refinitiv.
While Lyft investors seem to be reacting to its losses, many analysts are being patient with the company's path to profitability. Credit Suisse analysts called Lyft's results "a good first step for the company to provide evidence toward that goal."
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