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Lyft reported revenue of $765 million against $696.9 million estimated by analysts according to Refinitiv.
Lyft Inc (NASDAQ: LYFT) reported its Q2 2021 earnings results on Tuesday. Overall, Lyft beat analysts’ expectations during the last three months of the first half of the year. Consequently, LYFT stock traded 0.36% higher around $55.58 during the after-hours trading session.
According to the Q2 earnings reports, Lyft posted revenue of $765 million against $696.9 million estimated by analysts. Additionally, the ride-hailing platform noted that its active riders during the second quarter came in at 17.14 million against 15.45 million according to StreetAccount.
However, revenue per active rider came in at $44.63 against an estimate of $45.36 according to StreetAccount. The company reported that its loss per share during the second quarter of 2021 was 5 cents versus 24 cents estimated by analysts according to a survey conducted by Refinitiv.
Despite increased competition from other ride-hailing companies, the company has managed to rebound from last year’s coronavirus backlash. On the contrary, the company has reported increased demand for its services although there has been a shortage of drivers.
“This quarter we crossed a milestone that we’ve had our sights on for quite some time,” said co-founder and CEO Logan Green, who noted that last year at this time the company was facing a “once-in-a-century global pandemic hit that halted travel, and at the same time Proposition 22 was playing out in California.”
Lyft Stock and Company’s Future Guidance after Q2 2021
Lyft stock market was significantly hit by the onset of the Covid pandemic earlier last year. Nonetheless, the company has managed to add approximately 81.57%, and 12.72% in the past year and seven months respectively through Tuesday according to MarketWatch.
However, during the past three months and one month, its stock market has dropped 1.44%, and 10.16% respectively.
Forward, the company is optimistic the revenue will keep growing with respect to last year’s earnings. Notably, the company saw its revenue grow by approximately 25.6% during the second quarter in respect to the first quarter.
According to the company, it expects its revenue to come in between $850 million and $860 million during the third quarter. The ride-hailing company is betting big on an economic rebound from the coronavirus devastations.
As global governments continue to roll out Covid vaccines to help control further spread, Lyft forecasts better market conditions in the coming quarters.
Notably, the company has reported a market capitalization of approximately $18.44 billion with 320.57 million outstanding shares. Having been rated by 39 analysts, Lyft stock received an average of Over rating.