Lyft, Inc. (NASDAQ: LYFT) reported financial results for the second quarter. Revenue for the second quarter amounted to USD 339.3 Million, a decrease of 61% from USD 867.3 Million a year ago. Back in April the company announced a restructuring effort to reduce operation expenses and adjust cash flows. The company announced a net loss of USD 437.1 Million which includes USD 110.8 Million of stock based compensation.
“While rideshare rides in the quarter were down significantly year-over-year, we are encouraged by the recovery trends we are beginning to see, with monthly rideshare rides in July up 78% compared to April,” said Logan Green, co-founder and chief executive officer of Lyft. “Lyft’s second quarter results reflect an operating environment that was not only challenging for our core ridesharing business, but also for our valued riders and drivers and the communities we serve. Our performance reinforces our belief that Lyft is taking on the critical work necessary to emerge from the crisis as a stronger company.”
Adjusted EBITDA loss reached USD 280.3 Million, an increase of USD 76.2 Million compared to USD 204.1 Million a year ago.
“In Q2, we successfully limited our Adjusted EBITDA loss, outperforming the outlook we shared on our Q1 call by more than 20%. We continued to take aggressive actions to reduce costs and increase our underlying unit economics in the quarter, which has put Lyft on track to achieve $300 million of annualized fixed cost savings by the end of the year,” said Brian Roberts, chief financial officer of Lyft. “These steps position the Company to achieve adjusted EBITDA profitability with 20 – 25% fewer rides than originally contemplated in our fourth quarter 2021 target.”