Is Lyft Finally Getting It Right This Quarter?
Lyft, Inc. (NASDAQ: LYFT) released second-quarter financial results after markets closed Wednesday. The company said that it had a net loss of $2.23 per share and $867.26 million in revenue, compared with consensus estimates that called for a net loss of $1.58 per share and $809.27 million in revenue. The same period from last year had a net loss of $8.48 per share and $504.91 million in revenue.
During the quarter, active riders increased 41% year over year to 21.81 million, up from 15.45 million in the same period last year. Revenue per active rider is up 22% to $39.77, an increase from $32.67.
Looking ahead to the third quarter, Lyft expects to see an adjusted EBITDA loss in the range of $190 million to $210 million and revenue in the range of $900 million to $915 million. Consensus estimates are calling for a net loss of $1.75 per share and $840.92 million in revenue for the coming quarter.
Logan Green, co-founder and CEO of Lyft, commented:
Lyft’s second quarter was marked by strong execution and important advances in our product and platform. This translated to record revenue driven by better than expected Active Rider growth and Revenue per Active Rider monetization. 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.
Shares of Lyft closed Wednesday at $60.29, with a post-IPO range of $47.17 to $88.60. The consensus analyst price target is $71.14. Following the announcement, the stock was up nearly 5% at $63.17 in the after-hours session.