Business Maverick: Lyft Turns First Quarterly Adjusted Profit Ahead of Schedule

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 84%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

Lyft Inc. delivered its first-ever adjusted profit during the second quarter, a milestone for a company that has racked up losses since its founding. The company had previously said it would not turn a profit before taxes, depreciation and other ...

Lyft’s adjusted profit was $23.8 million, helped along by surging demand for its ride-hailing services and deep cost cuts the company made last year. The adjusted profit beat analysts’ estimates that the company would lose $40.2 million during the quarter. Lyft’s stock was little changed in after-hours trading.

Roberts said he expected that the company would turn an adjusted profit for the full year of 2021, and that the company would make from $25 million to $35 million in the third quarter. That’s higher than analyst estimates of $11.3 million. Although it turned a profit on an adjusted basis, Lyft still posted a $251.9 million net loss for the quarter — a sum that includes $207.8 million in stock-based compensation and related payroll tax expenses. The loss narrowed from $437.1 million during the same period last year but was more than the $230.1 million analysts expected.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines