Lyft Q2 Loss Narrows, Adj. EPS Tops Street Estimates

(RTTNews) - California-based ride-hailing service Lyft Inc (LYFT) Tuesday reported better-than-expected second quarter results primarily reflecting improved booking status as the pandemic rules eased. The company narrowed its loss and both earnings and revenue managed to beat estimates.

The net loss for the company was $251.91 million or $0.76 per share, compared to $437.11 or $1.41 loss per share in the same quarter last year.

On an adjusted basis, net loss dropped to $18 million or $0.05 per share from $265.80 million or $0.86 loss per share last year. Nineteen analysts polled by Thomson Reuters estimated a loss of $0.24 per share.

The revenue increased to $765.02 million from $339.35 million in 2020. Thirty-three analysts projected revenue of $696.22 million for the quarter.

Chief financial officer of the company, Brian Roberts said, "Q2 was truly exceptional. We grew Active Riders by more than 3.6 million from the prior quarter, generated 125% year-over-year revenue growth and achieved Adjusted EBITDA profitability. At the same time, drivers shared in this outperformance with record hourly earnings. And in July driver earnings remained strong as demand for our platform continued to grow despite increases in reported COVID case counts."

The shares of the company are trading at $55.60 in the after-hours market, up $0.22 or 0.40% from its previous close. The shares closed at $55.38 in the regular session, down $0.62 or 1.11%.