Technology

Lyft revenue grows 125% from last year

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Signage for Lyft is seen displayed at the NASDAQ MarketSite in Times Square in celebration of its initial public offering (IPO) on the NASDAQ Stock Market in New York, U.S., March 29, 2019.
Shannon Stapleton | Reuters

Lyft reported second quarter financial results after-the-bell Tuesday, easily beating on both the top and bottom lines. The company also beat analyst expectations when it came to active riders.

Lyft stock jumped 3% in after hours trading.

Here are the key numbers:

  • Loss per share: 5 cents vs 24 cents per share expected in a Refinitiv survey of analysts
  • Revenue: $765 million vs $696.9 million expected by Refinitiv
  • Active riders: 17.14 million vs 15.45 million expected, per StreetAccount
  • Revenue per active rider: $44.63 vs $45.36 expected, per StreetAccount

The company reported its first quarterly adjusted EBITDA profit, posting $23.8 million. That figure comes a quarter earlier than the company had targeted earlier this year. EBITDA refers to earnings before interest, taxes, depreciation and amortization.

Lyft said its revenue for the quarter jumped 125% year-over-year to $765 million. It gained 26% from the prior quarter.

Lyft said that despite an increase in reported Covid case counts, the company still saw strong demand in July. The company said it had 17.14 million active riders, growing more than 3.6 million from the first quarter.

Lyft reported a net loss for the quarter of $251.9 million versus a net loss of $437.1 million in the same period of 2020. The company said its net loss includes $207.8 million of stock-based compensation and related payroll tax expenses. Lyft said its net loss margin for the quarter was 32.9% compared to 128.8% in the same quarter a year ago.

This is a developing story. Please refresh for updates.

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