Lyft’s Q2 earnings exceeded Wall Street expectations
The famous ride hailing company released their second quarter earnings report and it was better than what Wall Street expected.
After Lyft released their better than estimated earnings for the quarter, the stock soared as high as 13% after-hours. However, later, the stock fell probably due to the fact that the company is moving up the lockup date release by more than a month.
According to the report, the revenue was $867 million versus the estimated amount of $809 million. It’s a 72% increase over the company’s revenue the same period last year. Unfortunately, despite the growth in revenue, Lyft reported a net loss of $644. 2 million for the second quarter compared to the net loss of $178.9 million in the same period of 2018. The adjusted net loss was $197.3 million, versus $176.5 million last year.
However, Lyft is optimistic about the next quarter – Q3, and the entire year of 2019 itself.
“We remain focused on reshaping transportation and we are pleased with the continued improvement in market conditions. This environment along with our execution is translating to strong revenue growth and sales and marketing efficiencies. As a result of this positive momentum, we anticipate 2019 losses to be better than previously expected and we are pleased to have updated our outlook,” stated the Lyft CEO Logan Green.
(Reference: Forbes, Tech Crunch, Fast Company, CNBC)
(Image reference: Michael Luciano | CNBC)