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Lyft Reports Mixed Q2 Results, But Touts Optimism Ahead as Demand Rebounds

Published 08/04/2022, 05:03 PM
Updated 08/04/2022, 05:17 PM
© Reuters.

© Reuters.

Yasin Ebrahim

Investing.com --  Lyft (NASDAQ:LYFT) reported Thursday mixed second-quarter results as losses were wider than expected, but revenue topped expectations and the ride-hailing company touted optimism ahead as ride-sharing activity staged a full recovery from the pandemic lull.

LYFT gained more than 1% in aftermarket hours.

For the second quarter, Lyft reported a loss of $1.08, missing estimates for a loss of $0.05 a share, but revenue of $990.8 million just topped consensus estimates of 989.3 million.

The company said that ride-sharing activity, drivers and rides had rebounded to levels not seen since the pandemic.  

Active riders on its platform jumped 15.9% to 19.9 million in the second quarter compared to the same period last year, while revenue per active rider increased 11.8% year-over-year to $44.63.

The contribution margin rose to 59.6% from 59.1% in the quarter, topping the company's estimates of 56%.

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