Lyft reported a second-quarter loss and sales that were better than expected, sending the stock soaring in after-hours trading.
Lyft Inc. reported a second-quarter loss and sales that were better than analysts expected as the company boosted its forecast for the year, sending the stock soaring in after-hours trading.
While sales growth is slowing, it’s doing so less rapidly than previously anticipated. Revenue in the second quarter reached $867.3 million, up 72% from the year before. Analysts had expected 60% growth. The rate in the last two quarters was about 95%. Wall Street remains optimistic about the companies’ prospects despite persistent losses. Most analysts have buy ratings for the stocks. Lyft and Uber investors are betting they can upend the transportation industry and eventually find a path to profitability.
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