LYFT Inc (NASDAQ:LYFT) reported better-than-expected results for its second quarter and issued strong third-quarter sales guidance.
The San Francisco-based ride-sharing service reported Wednesday Q2 revenue of $867.3 million versus $504.9 million in the second quarter of 2018, an increase of 72 percent year-over-year.
Net loss for Q2 2019 was $644.2 million versus a net loss of $178.9 million in the same period of 2018. Net loss for Q2 includes $296.6 million of stock-based compensation and related payroll tax expenses, primarily due to RSU expense recognition, as well as $141.1 million related to changes to the liabilities for insurance required by regulatory agencies attributable to historical periods.
Net loss margin was (74.3%) in the quarter and (35.4%) in the second quarter of 2018.
For the coming quarter, LYFT expects revenue to be between $900 million and $915 million, with Q3 revenue growth to be between 54% and 56% year-over-year The adjusted EBITDA loss is forecast to be between $190 million and $210 million. Adjusted EBITDA loss to be between $850 million and $875 million (improved from $1.15 billion and $1.175 billion)
Lyft was founded in 2012, and has over 30 million riders and two million drivers. The company claims to be” singularly focused on improving people’s lives with the world’s best transportation and committed to building reliable, affordable and sustainable transportation.”
Shares got, well, lift of $4.87, or 8.1%, to $65.16
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