Lyft, Inc. (NASDAQ: LYFT) released fourth-quarter financial results after markets closed Tuesday. The ride-share firm said that it had a net loss of $1.19 per share and $1.02 billion in revenue, which compared with consensus estimates that called for a net loss of $1.39 per share and $984.17 million in revenue.

During the quarter, active riders increased 23% year over year to 22.91 million, up from 18.59 million in the same period last year. Revenue per active rider is up 23% to $44.40, an increase from $36.02.

Looking ahead to the first quarter, Lyft expects to see an adjusted EBITDA loss in the range of $140 million to $145 million and revenue in the range of $1.055 billion to $1.060 billion. Consensus estimates are calling for a net loss of $1.29 per share and $1.05 billion in revenue for the coming quarter.

Logan Green, co-founder and CEO of Lyft, commented:

Fiscal 2019 was an exceptional year across the board. We significantly improved our path to profitability while simultaneously reaching critical milestones toward our long-term strategy. Continued strength in core rideshare drove our industry-leading growth, led by product innovation and operational excellence on every facet of our robust transportation platform. With the Lyft transportation network, we are already helping over 22 million consumers get around in a much more simple and economical way.  Today, people can go to the Lyft app and choose their preferred mode of transportation, including cars, bikes, scooters, and public transit – all in one place.

Shares of Lyft closed Tuesday at $53.94, with a post-IPO range of $37.07 to $88.60. The consensus analyst price target is $65.63. Following the announcement, the stock was down over 4% to $51.41 in the after-hours session.

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