Earnings Results: Lyft stock rises as riders, drivers and rides hit highest points since pandemic began

by | Aug 4, 2022 | Stock Market

Lyft Inc. saw active riders, drivers and rides reach a COVID-19 pandemic high in the second quarter, but like the previous quarter, the numbers fell just short of meeting Wall Street’s expectations for activity on the platform. “We feel great about what we did this quarter,” Lyft
co-founder and President John Zimmer said in an interview with MarketWatch. “We generated our highest adjusted Ebitda, added more than 2 million riders and saw a recovery in the driver side.”

Zimmer also said the company has seen a pandemic-related recovery across the board in the areas it operates, with the West Coast, which had been the laggard, improving. He said travel has come back strong, with airport rides reaching a record high of 10.2% of all rides. Lyft shares rose about 9% after hours, after increasing 4% in the regular session to close at $17.39 to extend their positive streak to four days. They have fallen almost 60% year to date, but have risen six of the past seven days. The ride-hailing company said it had 19.86 million riders, compared with 17.14 million riders in the same period a year ago. Analysts expected 19.9 million riders. Revenue per rider was $49.89, above analysts’ estimate of $49.30. Lyft reported a second-quarter loss of $377.2 million, or $1.08 a share, compared with a loss of $251.9 million, or 76 cents a share, in the year-ago period. Adjusted for stock-based compensation and related costs, earnings were 13 cents a share. Revenue increased to $990.7 million from $765 million in the year-ago quarter. Analysts surveyed by FactSet had forecast an adjusted loss of 4 cents a share on revenue of $989 million. …

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