Lyft soared 8% after reporting lower-than-expected losses and strong guidance.
Lyft lost $0.68 per share on $867 million in revenues, beating analysts' expectations for Q2.Among other recent challenges, former COO Jon McNeill departed the company, and Lyft had to pull some of its electric bikes out of circulation after they caught fire for unknown reasons.
Lyft President John Zimmer and CEO Logan Green during an interview at an IPO event in Los Angeles March 29, 2019.Lyft, the second most popular ride-hailing platform in the U.S., just reported earnings for the quarter ended June 20:vs $809 million expected, per Refinitiv Shares in the company climbed more than 10% after hours on the second-quarter beat and rosier guidance for the remainder of the fiscal year., Lyft CFO Brian Roberts said he believed peak losses for the company were last year, based on how well this quarter went. He also said the company may break even sooner than it predicted, and will update the street later this year in terms of long-term guidance and break-even date.said it now expects revenue to reach between $3.47 billion and $3.
In addition to better than expected sales and a rosier outlook, Lyft reported that it had 21.8 million "active riders" on its platform in the second quarter, versus the 21.1 million analysts expected.Like Uber, its chief competitor, Lyft has been trying to build its mobility business beyond ride-hailing. It acquired Motivate, and its bike-sharing network, and deployed electric "dockless" bikes, and scooters in North American cities.
Both of these developments have impacted Lyft's share price, which has dipped more than 15% from its IPO price. Shares opened at $58 ahead of Lyft's earnings update and were ticking higher in mid-day trading.
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