Lyft (NASDAQ:LYFT) earnings for the ride-hailing company’s second quarter of 2020 have its stock up after markets closed on Wednesday. This comes after reporting diluted losses per share of $1.41 and revenue of $339.35 million. For comparison, Wall Street was expecting diluted per-share losses of 99 cents on revenue of $336.77 million.
Here’s what else is worth pointing out from the most recent Lyft earnings report.
- Diluted losses per share are 36.8% better than $2.23 in the second quarter of 2019.
- Revenue for the quarter is sitting 61% lower than the $867.27 million reported in the same period of the year prior.
- Operating loss of $487.5 million is 27.6% narrower year-over-year from $672.92 million.
- The Lyft earnings report also has it bringing in a net loss of $437.11 million.
- That’s a 32.2% improvement over the company’s net loss of $644.24 million from the same time last year.
Logan Green, co-founder and CEO of Lyft, said this in the current earnings report.
“While rideshare rides in the quarter were down significantly year-over-year, we are encouraged by the recovery trends we are beginning to see, with monthly rideshare rides in July up 78% compared to April. Lyft’s second quarter results reflect an operating environment that was not only challenging for our core ridesharing business, but also for our valued riders and drivers and the communities we serve.”
Lyft doesn’t reveal guidance in its Q2 earnings report. That comes as no surprise with the novel coronavirus still affecting businesses. Many others are withholding outlooks during the pandemic.
LYFT stock was down slightly after-hours Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
