Lyft stock rose more than 6% in after-hours trading.
Here are the key figures:
- Loss per share: 5 cents vs. 24 cents per share expected in Refinitiv analyst survey
- Income: $ 765 million vs. $ 696.9 million expected by Refinitiv
- Active runners: 17.14 million against 15.45 million expected, by StreetAccount
- Income per active runner: $ 44.63 vs. $ 45.36 expected, by StreetAccount
The company reported its first quarterly adjusted EBITDA profit, posting $ 23.8 million. That’s a quarter earlier than the company’s target. EBITDA refers to earnings before interest, taxes, depreciation and amortization.
“This is an important milestone for a company and for our industry,” CEO Logan Green said during the company’s earnings call. “Going forward, we plan to maintain profitability from Adjusted EBITDA. ”
Lyft said its revenue for the quarter jumped 125% year-over-year to $ 765 million. Revenue increased 26% from the previous quarter.
The company said it saw strong demand from runners in July despite an increase in the number of Covid cases. Lyft reported 17.14 million active passengers, up more than 3.6 million from the first quarter. Yet the company has not fully recovered to pre-pandemic ridership levels. It reported 21.2 million passengers in the first quarter of 2020.
The company has had to deal with imbalances between supply and demand for drivers, resulting in higher prices and increased wait times. This, in turn, leads to unhappy customers who might seek transportation services elsewhere.
Green said the number of drivers increased in the second quarter at a faster rate than in the first quarter.
Lyft reported a net loss for the quarter of $ 251.9 million compared to a net loss of $ 437.1 million in the same period of 2020. The company said its net loss includes $ 207.8 million. stock-based compensation dollars and related payroll taxes. Its net loss margin for the quarter was 32.9% compared to 128.8% in the same quarter a year ago.
The company reported $ 2.2 billion in unallocated cash, cash equivalents and short-term investments, stable from the prior quarter.
This is a developing story. Please refresh for updates.
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