Newly public ride-hailing company Lyft Inc LYFT reported second-quarter revenue of $867.3 million Wednesday, representing a 72% year-over-year increase and beating the consensus estimate of $808.31 million.
A loss per share of 68 cents beat the consensus estimate of a $1.39-per-share loss.
Lyft's second-quarter adjusted EBITDA loss widened from $$190.5 million one year ago to $204.1 million.
The San Francisco-based company is projecting revenue between $900 and $915 million in the third quarter, with year-over-year revenue growth of 54-56%. This outpaces estimates of $840.92 million. Lyft guided to an adjusted third-quarter EBITDA loss of between $190 and $210 million.
The company revised its fiscal 2020 sales guidance from a range of $3.275-$3.3 billion to a range of $3.47-$3.5 billion.
“Lyft’s second quarter was marked by strong execution and important advances in our product and platform," Logan Green, Lyft's co-founder and CEO, said in a statement.
"This translated to record revenue driven by better-than-expected active rider growth and revenue per active rider monetization."
Lyft shares were rallying by 8% to $65.22 in after-hours trading. The stock closed Wednesday at $60.29.
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Photo courtesy of Lyft.
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