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.
Related Links:
Lyft Names New Chief Accounting Officer
A Halftime Report Of The IPO Market In 2019
Photo courtesy of Lyft.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
