Lyft outcomes Q2 2021
Lyft reported a revenue for the second quarter on Tuesday that barely outperformed each gross sales and backside line. The corporate additionally exceeded Wall Road’s expectations of lively drivers.
Lyft shares rose round 1% in after-hours buying and selling.
Listed here are the important thing numbers:
- Loss per share: 5 cents in comparison with 24 cents per share anticipated in a refinitive survey amongst analysts
- Income: $ 765 million versus $ 696.9 million anticipated from Refinitiv
- Lively drivers: 17.14 million versus an anticipated 15.45 million per StreetAccount
- Income per lively driver: $ 44.63 in comparison with an anticipated $ 45.36 per StreetAccount
The corporate reported its first quarterly adjusted EBITDA revenue of $ 23.Eight million. That is 1 / 4 sooner than the corporate had focused. EBITDA pertains to earnings earlier than curiosity, taxes, depreciation and amortization.
“It’s a important milestone for a corporation and for our business,” stated CEO Logan Inexperienced on the corporate’s convention name. “We assume that we are going to proceed to take care of the adjusted EBITDA profitability sooner or later.”
Lyft stated gross sales for the quarter have been up 125% yr over yr to $ 765 million. Gross sales elevated by 26% in comparison with the earlier quarter. Lyft additionally launched a third-quarter forecast, telling traders that it expects income to vary between $ 850 million and $ 860 million, until the working panorama declines considerably because of the pandemic.
The corporate stated it noticed sturdy demand from drivers in July regardless of a rise within the variety of Covid circumstances. Lyft reported 17.14 million lively drivers, greater than 3.6 million drivers greater than within the first quarter. Nonetheless, the corporate has not totally recovered to pre-pandemic passenger numbers. Within the first quarter of 2020, 21.2 million drivers have been reported.
The corporate struggled with driver provide and demand imbalances, main to cost hikes and longer ready occasions. This in flip results in dissatisfied prospects who may search for driver companies elsewhere.
Inexperienced stated the variety of drivers grew sooner within the second quarter than within the first quarter. He added that the corporate will proceed to put money into driver incentives within the coming quarter.
Lyft reported a web lack of $ 251.9 million for the quarter, in comparison with a web lack of $ 437.1 million for a similar interval in 2020. The corporate stated its web loss was $ 207.Eight million in stock-based fairness Contains remuneration and associated wage tax bills. The web loss margin for the quarter was 32.9% in comparison with 128.8% for a similar quarter final yr.
The corporate reported $ 2.2 billion in unrestricted money, money equivalents and short-term investments, unchanged from the earlier quarter.
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