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.