Lyft's fourth-quarter revenue increased 52 percent year over year to $1.02 billion, as the number of active riders and revenue per active rider each increased 23 percent year over year.
The company reported a net loss of $356 million for the quarter, compared with a $248.9 million loss in the fourth quarter of 2018. The 2019 fourth-quarter loss included $207.3 million in stock-based compensation and related payroll tax expenses, and the loss margin had improved slightly year over year, according to Lyft. For the full year, Lyft reported a loss of $2.6 billion, compared with a $910.6 million loss in 2018.
Like Uber, Lyft is targeting corporate business growth on its path to profitability, which it expects to reach by the fourth quarter of next year. It currently counts more than 30 percent of Fortune 1000 companies among those that have contracts in place with Lyft, according to co-founder and president John Zimmer.
"Profitable growth is our focus, and we have many strategies that we are successfully executing for high-frequency, high-growth, high-margin rides both today and over the long term," he said in an earnings call.
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