Lyft outcomes Q2 2021
Lyft reported a profit for the second quarter on Tuesday that slightly outperformed both sales and bottom line. The company also exceeded Wall Street’s expectations of active drivers.
Lyft shares rose around 1% in after-hours trading.
Here are the key numbers:
- Loss per share: 5 cents compared to 24 cents per share expected in a refinitive survey among analysts
- Revenue: $ 765 million versus $ 696.9 million expected from Refinitiv
- Active drivers: 17.14 million versus an expected 15.45 million per StreetAccount
- Revenue per active driver: $ 44.63 compared to an expected $ 45.36 per StreetAccount
The company reported its first quarterly adjusted EBITDA profit of $ 23.8 million. That’s a quarter earlier than the company had targeted. EBITDA relates to earnings before interest, taxes, depreciation and amortization.
“It is a significant milestone for a company and for our industry,” said CEO Logan Green on the company’s conference call. “We assume that we will continue to maintain the adjusted EBITDA profitability in the future.”
Lyft said sales for the quarter were up 125% year over year to $ 765 million. Sales increased by 26% compared to the previous quarter. Lyft also released a third-quarter forecast, telling investors that it expects revenue to range between $ 850 million and $ 860 million, unless the operating landscape declines significantly due to the pandemic.
The company said it saw strong demand from drivers in July despite an increase in the number of Covid cases. Lyft reported 17.14 million active drivers, more than 3.6 million drivers more than in the first quarter. Still, the company has not fully recovered to pre-pandemic passenger numbers. In the first quarter of 2020, 21.2 million drivers were reported.
The company struggled with driver supply and demand imbalances, leading to price hikes and longer waiting times. This in turn leads to dissatisfied customers who could look for driver services elsewhere.
Green said the number of drivers grew faster in the second quarter than in the first quarter. He added that the company will continue to invest in driver incentives in the coming quarter.
Lyft reported a net loss of $ 251.9 million for the quarter, compared to a net loss of $ 437.1 million for the same period in 2020. The company said its net loss was $ 207.8 million in stock-based equity Includes remuneration and related wage tax expenses. The net loss margin for the quarter was 32.9% compared to 128.8% for the same quarter last year.
The company reported $ 2.2 billion in unrestricted cash, cash equivalents and short-term investments, unchanged from the previous quarter.
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