Lyft Reports Record Earnings for Second Quarter

Ride-hailing provider Lyft reported record earnings for the second quarter as its adjusted EBITDA grew to a historic high of $79.1 million.

The company’s adjusted EBITDA increased by $55.3 million, up 232 percent from one year ago and $24.3 million from the first quarter of this year. Adjusted net income jumped from $24.6 million in the first quarter to $46.4 million in the second quarter.

Revenue grew to $990.7 million, an increase of 13 percent from the first quarter of this year and a 30 percent year-over-year improvement. As for net loss, Lyft reported $377.2 million for the quarter ended June 30, up from the $251.9 million during the same period last year.

“We leaned in hard in Q2 and the team did fantastic work to drive strong results,” Lyft CEO Logan Green said. “We generated the highest Adjusted EBITDA in our company’s history and saw COVID highs for Active Riders, drivers and rides. It’s clear consumer transportation is a good long-term business with a massive addressable market.”

The ride-hailing brand reported $1.8 billion of unrestricted cash, cash equivalents and short-term investments at the end of the second quarter.

“Our Q2 Adjusted EBITDA outperformance reflects the swift and decisive actions we took during the quarter to drive additional growth and profits,” Lyft chief financial officer Elaine Paul said. “We are confident in our ability to continue navigating macroeconomic headwinds and deliver strong long-term business results.”

Earlier this year, Delta Air Lines and Lyft enhanced their combined mobile phone application to bring Delta SkyMiles customers more real-time information. The airline and the ride-sharing service will now include flight updates on the app for Lyft customers who are Delta SkyMiles members heading to the airport.