Lyft revenue grows 125% from last year

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 reported second-quarter earnings on Tuesday, easily beating on both the top and bottom lines. The company also beat Wall Street expectations for active riders.

Lyft stock was up more than 6% 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’s a quarter earlier than the company had targeted. 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. Revenue was up 26% from the prior quarter.

The company said it saw strong demand from riders in July despite an increase in Covid case counts. Lyft reported 17.14 million active riders, up more than 3.6 million riders from the first quarter. Still, the company hasn’t fully recovered to pre-pandemic ridership levels. It reported 21.2 million riders 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. Its net loss margin for the quarter was 32.9% compared to 128.8% in the same quarter a year ago.

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

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