By Dhirendra Tripathi

Investing.com – Lyft Premarket Wednesday saw stock (NASDAQ) trade 4.2% lower after passenger numbers dropped in December quarter. The decline overshadowed an annual breakeven of the basic operating level.

According to the company, 18.7 Million active users were reported in quarter one, a decrease of 1% over the prior quarter. This was due to Covid-19’s winter wave which again drove people away from non-private transportation, and the rise of the colder temperatures that hit scooters and bikes.

According to Reuters, this was up 49% year-on-year, however, ridership is still 30% lower than pre-Covid levels.

Year-over-year, revenue rose 70% to $970million, reflecting higher riders and an average revenue per ride. An all-time record, revenue per active rider increased 14% to almost $52, a new high. Bloomberg reported that John Zimmer (co-founder) and president of Bloomberg credited this growth to an increase in shorter rides as well as pricier flights, which nearly doubled the revenue from last year.

Lyft recently raised prices to pay for higher incentive payments to drivers, who have been less available during the pandemic.

Lyft finished the year with its annual profit before interest tax, depreciation or amortization. It was $93million, which is a positive turnaround from the $755 million loss in 2017. Its bottom line is still in red at $259million, which is a significant improvement on the $458 million loss a year ago.