By Bill Peters
Lyft reported second-quarter results as it uses partnerships to expand internationally and into robotaxis
Lyft reported quarterly results on Wednesday.
Ride-hailing platform Lyft Inc. on Wednesday forecast key demand metrics that were better than Wall Street expected, but sales and rides for the second quarter came in below estimates.
Shares fell 7.1% after hours.
Lyft (LYFT) said it expected year-over-year growth in rides in the “mid-teens” in the third quarter. FactSet forecasts called for 13.5%.
The company sees gross bookings of around $4.65 billion to $4.8 billion over that period, a bit above the $4.59 billion forecast by FactSet. Lyft said the third quarter would partly reflect its acquisition of German taxi app Freenow, which closed on July 31.
During the second quarter, revenue rose 11% year over year to $1.59 billion, but that was a tad below FactSet estimates for $1.61 billion. Rides grew 14% year over year to 234.8 million, also below estimates. Gross bookings of around $4.5 billion were roughly in line.
On a GAAP basis, Lyft earned 10 cents a share. Wall Street was expecting 4 cents.
Lyft reported the results as it uses partnerships to expand internationally and expand its fleet of robotaxis – a growing area of competition for the ride-hailing industry. But those results also followed strong quarterly earnings from its larger rival, Uber Technologies Inc. (UBER), which came out earlier in the day.
Andrew Rocco, a stock strategist at Zacks Investment Research, said in emailed commentary on Monday said that Uber was still the favorite in the ride-hailing wars, thanks to its size, ability to compete on price, institutional-investor backing and more diverse business overall.
-Bill Peters
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08-06-25 1636ET
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