Lyft rises as Q2 results top expectations, aided by recovery in active riders

Aug. 04, 2022 4:13 PM ETLyft, Inc. (LYFT)By: Chris Ciaccia, SA News Editor2 Comments

Uber, Lyft and Yandex.Taxi

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Lyft (NASDAQ:LYFT) shares rose nearly 4% in after-hours trading on Thursday after the ride-sharing company posted second-quarter results that topped expectations.

For the period ending June 30, Lyft (LYFT) earned an adjusted 13 cents per share on $990.7M in revenue, aided by a recovery in active riders. Lyft (LYFT) ended the period with 19.86M active riders

Lyft (LYFT) said it generated an average revenue per active rider of $49.89, slightly topping estimates.

Analysts were expecting Lyft (LYFT) to lose an adjusted 4 cents per share on $988.14M in revenue.

The company also generated $79.1M in adjusted EBITDA during the period, the highest in the company's history. For comparison purposes, Lyft (LYFT) generated $55.3M in adjusted EBITDA in the second-quarter of 2021 and $24.3M in the first-quarter of 2022.

Lyft (LYFT) will host a conference call at 4:30 p.m. EST to discuss the results.

Prior to the results, investment firm Monness, Crespi, Hardt forecast that Lyft (LYFT) would deliver strong revenue growth in the second-quarter.

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