Lyft Inc. /zigman2/quotes/208999293/composite LYFT -6.86% disclosed Tuesday afternoon that ride-hailing activity has picked up as COVID-19 restrictions have eased, and the company improved its forecast for expected second-quarter losses. Shares gained more than 3% in after-hours trading. Lyft admitted that it gave 70% fewer rides in May than it did in the same month last year, but said that rides increased 26% from April and were performing better in cities that have begun relaxing restrictions. "For example, rideshare rides increased 73% in Austin, 41% in Denver, 54% in Las Vegas, 59% in Miami, 64% in Nashville, 42% in New York City, 40% in Phoenix, 49% in Salt Lake City and 40% in Seattle in the month of May 2020 versus the month of April 2020," Lyft disclosed in a filing with the Securities and Exchange Commission . In response, Lyft said that adjusted Ebitda losses would not exceed $325 million, about 10% better than the maximum $360 million in highly adjusted losses the company predicted when it released quarterly earnings in early May.