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Lyft Hikes Outlook as Revenue Jumps
Ride-hailing service Lyft Inc. predicts more revenue and narrower losses for 2019.
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Ride-hailing service Lyft Inc. predicts more revenue and narrower losses for 2019.
Lyft’s second-quarter revenue surged 72% to $867 million, surpassing analysts’ forecasts by 8%. The company also raised its full-year guidance by about $200 million to some $3.5 billion.
Net loss in April-June ballooned to $644 million from $179 million a year ago, mainly because of costs related to stock-based compensation, related payroll expenses and changes in insurance liabilities. Adjusted net loss deepened 11% to $197 million, according to the company.
Lyft now expects its adjusted earnings loss before interest, taxes, depreciation and amortization will narrow to about $863 million, a $300 million improvement over its previous guidance.
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