Ride-share company Lyft Inc (NASDAQ: NASDAQ:LYFT) reported second-quarter financial results after the market close Thursday. Here are the key highlights.
Lyft's Q2 Report: Lyft reported second-quarter revenue of $990.7 million, up 30% year-over-year and up 13% on a quarter-over-quarter basis. The revenue total beat a Street estimate of $987.9 million, according to data from Benzinga Pro.
The company reported a second-quarter loss of $377.2 million.
Adjusted EBITDA hit $79.1 million in the second quarter, up 232% year-over-year.
“We leaned in hard in Q2 and the team did fantastic work to drive strong results,” Lyft CEO Logan Green said. “We generated the highest Adjusted EBITDA in our company’s history and saw COVID highs for active riders, drivers and rides.”
Lyft saw active riders of 19.9 million in the second quarter, up 15.9% year-over-year. Revenue per active rider was $49.89 in the second quarter, up 11.8% year-over-year.
The company ended the quarter with $1.8 billion in cash and cash equivalents.
Related Link: Investors Wanted Uber (NYSE:UBER) To Be Profitable, One Quarter Later Its Close And Lyft Is Along For The Ride
What’s Next For Lyft: Lyft sees third-quarter revenue hitting a range of $1.04 billion to $1.06 billion versus a Street estimate of $1.12 billion, according to Benzinga Pro.
The company expects its rider volume to exceed pre-COVID-19 levels in the future.
“It’s clear consumer transportation is a good long-term business with a massive addressable market,” Green said.
LYFT Price Action: Lyft shares were rallying 7.02% to $18.61 in after-hours trading Thursday.
Illustration courtesy of Lyft.
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