Lyft Shares Rise as it Notches Ridership Growth

Dow Jones
Aug 07

Shares of Lyft rose as the ride-share firm reported second-quarter revenue that beat analyst expectations and earnings that narrowly missed them on Thursday.

After rising nearly 7% as soon as the earnings came out, shares were up 2% at $16.64.

The company reported revenue of $1.843 billion and earnings of 13 cents a share on a generally-accepted accounting basis. Analysts were expecting earnings of 14 cents a share on revenue of $1.806 billion.

Gross bookings, another closely watched metric, came in at $5.504 billion versus the $5.365 billion analysts were expecting.

Total rides were a standout at 262 million, above the 259 million expected.

Active riders, another closely watched metric that refers to unique riders that have taken at least one ride during the quarter, rose to 30.5 million. Analysts were expecting that figure to come in at 30.2 million.

Looking ahead, the company expects continued gross bookings growth in the third quarter at between $5.5 billion and $5.67 billion.

This is breaking news. Check back for updates.

 

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