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Lyft Inc. on Tuesday reported an “exceptional” second quarter as it added millions more riders amid the coronavirus pandemic recovery and saw adjusted Ebitda profitability for the first time.
Lyft
LYFT,
said it had 17.1 million active riders in the second quarter, 3.6 million more than the previous quarter. Analysts surveyed by FactSet had expected 15.5 million.
The company had said it expected to achieve adjusted Ebitda profitability in the third quarter, but it reported adjusted Ebitda profit of $23.8 million in the second quarter.
“We beat our outlook across every metric and we have growing momentum,” said
Logan Green, the ride-hailing giant’s co-founder and chief executive, in a news release.
Lyft shares rose more than 6% after hours, after falling 1.1% in the regular session to close at $55.38. Shares of competitor Uber Technologies Inc.
UBER,
also rose nearly 3% in extended trading.
The company reported a net loss of $251.9 million, or 76 cents a share, compared with a loss of $437.1 million, or $1.41 a share, in the year-ago period. Adjusted for stock-based compensation and other costs, the company’s loss was $18 million, or 5 cents a share. Revenue more than doubled to $765 million from $339.3 million in the year-ago quarter.
Analysts surveyed by FactSet had forecast a loss of 24 cents a share on revenue of $700 million.
Lyft stock is up nearly 11% year to date, and has increased about 79% in the past year. By comparison, the S&P 500 Index
SPX,
has risen 17% so far this year, and is up about 33% in the past 52 weeks.
