Lyft Inc. beat Wall Street earnings predictions for the second quarter, but increasing losses at the ride-hailing firm also left investors less than enthusiastic about the company’s prospects.

In the second quarter, Lyft reported revenue of $867.3 million, up 72% from $504.9 million in the same quarter of last year. Lyft had previously predicted total revenue of between $800 million and $810 million in the second quarter while Axios reported that analysts had been predicting a figure of $809 million.

The surge in revenue was matched by a surge in the company’s net loss, which came in at $644.2 million, up from $178.9 million a year ago. Analysts had been predicting a $445 million loss. A significant portion of the loss, $296.6 million, was from stock compensation and related costs following Lyft’s initial public offering in March. A further $141.1 million in the loss figure was from insurance liability and expenses related to acquisitions.

Active rider numbers for the quarter came in at 21.8 million, up 41% from 15.4 million a year ago, with the 72% increase in revenue reflecting an easing of Lyft’s price war with Uber Technologies Inc., resulting in higher rates per ride.

“Lyft’s second quarter was marked by strong execution and important advances in our product and platform,” Logan Green, co-founder and chief executive officer of Lyft said in a statement. “This translated to record revenue driven by better than expected Active Rider growth and Revenue per Active Rider monetization,”

Looking forward, Lyft said it expected revenue to come in at between $900 million and $950 million in the third quarter with an adjusted loss of between $190 million and $210 million, the latter a vast improvement over the second quarter.

For the full year, Lyft is now predicting an adjusted loss of between $850 million and $875 million, a $300 million improvement over its previous prediction of an adjusted loss between $1.15 billion and $1.175 billion.

Beating analysts predictions of revenue initially prompted Lyft’s share price to jump as much as 12% in after-hours trading before investors paid more attention to the loss figure in the report as well as news that the company was moving up the date of its post-IPO stock lockup release. Lyft’s share price settled at $62.72 as of 8 p.m. EDT, up 4% in after-hours trading but still well below its IPO price of $72 per share.

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