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 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.
Still, the company’s active riders is still below the 21.2 million it reported in the first quarter of 2020.
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.
Lyft reported $2.2 billion in unrestricted cash, cash equivalents and short-term investments, staying flat from the prior quarter.
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