Lyft Reports Mixed Q2 Results, But Touts Optimism Ahead as Demand Rebounds
2022.08.05 01:46
Yasin Ebrahim
Investing.com — Lyft (NASDAQ:LYFT) reported Thursday mixed second-quarter results as losses were wider than expected, but revenue topped expectations and the ride-hailing company touted optimism ahead as ride-sharing activity staged a full recovery from the pandemic lull.
LYFT gained more than 1% in aftermarket hours.
For the second quarter, Lyft reported a loss of $1.08, missing estimates for a loss of $0.05 a share, but revenue of $990.8 million just topped consensus estimates of 989.3 million.
The company said that ride-sharing activity, drivers and rides had rebounded to levels not seen since the pandemic.
Active riders on its platform jumped 15.9% to 19.9 million in the second quarter compared to the same period last year, while revenue per active rider increased 11.8% year-over-year to $44.63.
The contribution margin rose to 59.6% from 59.1% in the quarter, topping the company’s estimates of 56%.
