Lyft unveils Waymo partnership as loss widens to $1.1 billion

LOS ANGELES - Lyft said Tuesday its loss in the past quarter widened to $1.1 billion in the ride-hailing giant's first financial report as a public company, as it announced it was teaming up with former Google car unit Waymo on autonomous taxis. Revenue for California-based Lyft nearly doubled from a year earlier to $776 million and the number of active riders grew to over 20.5 million. Lyft said its losses deepened as a result of $894 million in costs that included stock-based compensation and related tax expenses in connection with its initial public offering in late March. The deficit compared with a loss of $234.3 million in the same period of 2018. "The first quarter was a strong start to an important year, our first as a public company," said Logan Green, Lyft's co-founder and chief executive.