Why Lyft Stock Is Taking Off Today

Lyft Inc LYFT shares are trading higher Tuesday, in sympathy with Uber Technologies Inc UBER, which announced better-than-expected top line results and reported a strong jump in gross booking year-over-year. 

Uber said second-quarter revenue grew 105% year-over-year to $8.1 billion, which beat the estimate of $7.39 billion, according to data from Benzinga Pro.

The ride-hailing company reported a quarterly net loss of $2.6 billion, which included a $1.7 billion net headwind related to equity investments, primarily due to unrealized losses related to the revaluation of Uber's Aurora, Grab and Zomato stakes. 

Uber said gross bookings reached an all-time high of $29.1 billion in the quarter, representing an increase of 33% year-over-year.

Uber expects third-quarter gross bookings to be between $29 billion and $30 billion. Third-quarter adjusted EBITDA is expected to be between $440 million and $470 million.

Related Link: Uber Clocks Sharp Growth In Q2 Gross Bookings, Revenue Beat, Expects Strong Q3

Lyft is the second-largest ride-hailing service provider in the U.S., connecting riders and drivers over the Lyft app. The company is scheduled to report its second-quarter financial results after the market close on Aug. 4.

LYFT Price Action: Lyft has a 52-week high of $46.64 and a 52-week low of $11.96.

The stock was up 7.27% at $14.91 at time of publication.

Photo: courtesy of Lyft.