LYFT Inc (LYFT)

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Lyft (LYFT) shares rising after beating expectations, forecasting higher revenue
By: Investing.com | August 8, 2023

LYFT Inc (NASDAQ:LYFT) shares were rising after the ride-hailing company beat expectations for the second quarter and provided better than forecast guidance.

Adjusted earnings per share of 16 cents beat expectations for a 1 cent per share loss in the quarter. Revenue of $1.02 billion matched the consensus estimate.

Lyft sees third quarter revenue of $1.13B to $1.15B, which is higher than Wall Street estimates.

CEO David Risher said: “Between summer travel and return-to-office commuting, folks are getting out more every day and loving the Lyft rideshare experience. Standard rides have reached their second-highest level ever.”

Shares rose 14% in after-hours trading and are up 5% so far this year.

The company reported adjusted earnings before interest, taxes, depreciation, and amortization of $41 million, which is higher than its guidance for $20M to $30M.

Active riders rose 8.2% to 21.5M. The company sees third quarter adjusted Ebitda of between $75M and $85M.

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