Lyft reports a 125% revenue growth from last year

Lyft reports a 125% revenue growth from last year

The company that develops, markets, and operates a mobile app, offering vehicles for hire, and food delivery service reported Q2 2021 earnings that topped consensus

Lyft revenues single-handedly came ahead of the $696.9 million consensus with figures coming in at $765 million. Moreover, the number of active riders increased to 17.14 million. Despite the resurgence of COVID-19 cases, the company saw a strong demand from riders in July. Still, it isn’t close to the pre-pandemic 21.2 million rides reported in Q1 2020.

According to the company, Q2’s revenue surged 125% year-over-year, significantly higher than the 26% jump reported the prior quarter.

On the other hand, Lyft reported $2.2 billion in unrestricted cash, cash equivalents and short-term investments, flat from Q1 2021.

Logan Green, Lyft CEO, stated: “We had a great quarter. We beat our outlook across every metric, and we have growing momentum. Since our inception, we’ve worked hard to defy the odds with a deep belief in our mission. We’ve consistently innovated and made big bets, and this is just the beginning. We want to improve people’s lives with the world’s best transportation, and we will continue working to deliver on this goal.”

For Q3, Lyft expects revenue between $850 million - $860 million.

At the moment of writing, Lyft stock price was trading 0.94% higher.

Sources: cnbc.com, tipranks.com

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