Lift, Q2 Sales Up 125% Year-on-Year

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Suhwan] The U.S. ride-sharing company Lyft's second-quarter revenue surged 125% compared to the same period last year.

On the 3rd (local time), Lyft announced in its earnings report that its second-quarter revenue reached $765 million (approximately 900 billion KRW). This represents a 125% increase from $339 million in the same period last year and exceeded the market forecast of $696.9 million.

Lyft also reported that its second-quarter EBITDA (earnings before interest, taxes, depreciation, and amortization) was $23.8 million, marking the company's first quarterly EBITDA profit since its establishment.

Logan Green, Lyft's CEO, said, "(Regarding the first quarterly EBITDA profit) this is a significant milestone," adding, "We expect to continue generating EBITDA profits going forward."

Additionally, Lyft recorded an operating loss of $252 million (approximately 300 billion KRW) in the second quarter. This is a narrower loss compared to the $437 million (approximately 500 billion KRW) operating loss recorded in the same period last year.

The operating margin improved significantly to -32.9%, compared to -128.8% in the same period last year.

Moreover, the loss per share was 5 cents, beating Wall Street's expectation of a 24-cent loss.

Furthermore, as of the second quarter, Lyft's active driver count reached 17.14 million, an increase of 3.6 million from the first quarter. This also exceeded the market forecast of 15.45 million.

The company stated that despite the spread of COVID-19 due to the Delta variant, demand from drivers increased, and the growth in the number of drivers was larger than in the first quarter.

However, the number has not yet recovered to pre-pandemic levels (21.2 million).

On the same day, Lyft's stock price on the U.S. Nasdaq was trading at $55.65 in after-hours trading, up 0.49% from the previous trading day.

This content was produced with the assistance of AI translation services.