Business

Lyft Revenues Q2 2021

Lyft report Second quarter Tuesday earnings are easily above both the top and bottom lines. The company also exceeded Wall Street’s expectations for active riders.

Lyft’s share price rose more than 1% in overtime trading.

The key numbers are:

  • Loss per share: Analyst Refinitiv Survey Expected 5 Cents vs. 24 Cents Per Share
  • Revenue: $ 765 million compared to Refinitiv’s expectation of $ 696.9 million
  • Active rider: Forecast of 17.14 million vs. 15.45 million per StreetAccount
  • Revenue per active rider: Expected $ 44.63 and $ 45.36 per StreetAccount

The company reported its first quarterly adjusted EBITDA profit, recording $ 23.8 million. This is a quarter earlier than the company was aiming for. EBITDA refers to interest, taxes, depreciation and income before depreciation.

“This is an important milestone for both the business and the industry,” CEO Logan Green said in the company’s earnings announcement. “We look forward to maintaining adjusted EBITDA profitability in the future.”

According to Lyft, revenue for the quarter was $ 765 million, up 125% year-on-year. Revenue increased 26% from the previous quarter.

According to the company, although the number of cases of Covid is increasing, there was strong demand from riders in July. Lyft reported 17.14 million active riders, an increase of more than 3.6 million from the first quarter. Still, the company has not fully recovered to its pre-pandemic ridership level.It reported 21.2 million riders First quarter of 2020..

The company is suffering from an imbalance between driver supply and demand, leading to higher prices and higher wait times. The result is unfortunate customers who may look for boarding services somewhere else.

According to Green, the number of drivers increased in the second quarter at a faster pace than in the first quarter. He added that the company will continue to invest in driver incentives next quarter.

Lyft reported a quarterly net loss of $ 251.9 million, compared to a net loss of $ 437.1 million for the same period in 2020. The company’s net loss includes $ 207.8 million in equity-based compensation and associated payroll taxes. The net loss margin for the quarter was 32.9%, compared to 128.8% in the year-ago quarter.

The company reported $ 2.2 billion in unlimited cash, cash equivalents and short-term investments, flat from the previous quarter.

This is a developing story. Please update for updates.

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Lyft Revenues Q2 2021

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