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8/3, 10:06 PM (Source: TeleTrader)
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Lyft's Q2 revenue surges 125% to $765M

Lyft Inc. unveiled on Tuesday that its revenue for the second quarter of the fiscal year skyrocketed 125% when compared to the same period last year to stand at $765 million.

At the same time, the ride-sharing company's net loss decreased from $482 million last year to $251 million, while its diluted loss per share reached $0.76. However, the number of active riders increased 97.3% year-over-year topping 17 million, marking a revenue of $44.63 per active rider, a per annum jump of 14.3%.

Brian Roberts, Chief Financial Officer of Lyft, commented on the results: "We grew Active Riders by more than 3.6 million from the prior quarter, generated 125% year-over-year revenue growth, and achieved Adjusted EBITDA profitability. At the same time, drivers shared in this outperformance with record hourly earnings. And in July driver earnings remained strong as demand for our platform continued to grow despite increases in reported COVID case counts."

Lyft shares climbed 2.09% in afternoon trading following the upbeat report.

Breaking the News / OL