Lyft Shares its Performance for Second Quarter of 2021 and Stock Price Gains
The ride-hailing specialist from San Francisco, Lyft has recently gone ahead and shared his performance/revenue report for the second quarter of 2021. The company has revealed that the loss recorded for the second quarter of 2021 was narrow. On the other hand, the company has also reported that the revenue generated in the second quarter more than doubled.
The ride-hailing company has revealed that the net loss is recorded in the second quarter of 2021 has narrowed. According to the firm, the net loss recorded by the analysts at Lyft was just 76 cents per share. The company has revealed that the net loss was much higher in the first quarter of 2021. As per figures, the net loss for the first quarter of 2021 was $1.41 per share.
On the other hand, the shares of the company have also experienced a significant climb. The data shows that a climb of 7.4% has been observed in the share prices of Lyft. Now, the total number of shares at Lyft is 332.1 million.
When it comes to the generation of revenue, the company has far exceeded the expectations of even the analysts. The company has revealed that in the second quarter of 2021, it has generated $765 million in revenue. However, in the first quarter of 2021, the company’s revenue was less than half the second quarter’s revenue at $339.3 million.
According to the analysts from FactSet, the estimates made for the particular quarter of 2021 in terms of GAAP loss were 70 cents per share. As for the revenue, the consensus from the analysts at FactSet was that the company would hit $700 million.
Therefore, the adjusted loss for the second quarter of 2021 for Lyft was 6 cents per share. On the other hand, the analysts had estimated that the adjusted loss for the particular quarter would be 23 cents per share.
The revenue report shared by Lyft helped it observe a rise in its share prices. The data shows that on Tuesday’s start of trading, the company achieved a price rise of $0.9% and its share price was at $55.86.
Towards the end of Tuesday, the share price went down by 1.1%, bringing its share price to $55.38 per share.
The report also shows that in the second quarter of 2021, they had estimated a figure of $23.8 million in terms of adjusted Ebitda.
The chief executive and co-founder at Lyft, Logan Green made a statement in regards to the company’s achievement. Green stated that in the second quarter of 2021, the company has successfully overachieved every metric. As of June 30, Lyft reported that it had a total of 17.1 million active riders on its platform.