Lyft (NASDAQ: LYFT) reported Q1 EPS of ($1.31), which does not compare to the analyst estimate of ($0.64). Revenue for the quarter came in at $955.8 million versus the consensus estimate of $897.86 million.

“While the COVID-19 pandemic poses a formidable challenge to our business, we are prepared to weather this crisis,” said Logan Green, co-founder and chief executive officer of Lyft. “We are responding to the pandemic with an aggressive cost reduction plan that will give us an even leaner expense structure and allow us to emerge stronger. Our competitive resilience and commitment to our culture and values will put Lyft in the best position to deliver on our mission of improving people’s lives with the world’s best transportation.”

"Our first quarter results underscore the remarkable progress we have made since our IPO, particularly on our path to profitability as we reduced our Adjusted EBITDA loss to $85 million from $216 million in the year ago period and $131 million in the fourth quarter of 2019,” said Brian Roberts, chief financial officer of Lyft. “In these uncertain times, we are building on that progress by taking decisive action to reduce costs and further improve our operating efficiency. We expect to remove approximately $300 million from our annual expense run-rate by the fourth quarter of 2020 relative to our original expectations for 2020.”

For earnings history and earnings-related data on Lyft (LYFT) click here.