Ride-hailing giant Lyft shared its second quarter results on Thursday, reporting its highest-ever adjusted EBITDA of $79.1 million, up $55.3 million from Q2 2021 and $24.3 million from the previous quarter.
The company managed to top Wall Street’s projection by reporting a second quarter revenue of $990.7 million, which is up 30% Y/Y from $765 million generated in Q2 2021, and 13% from $875.6 million reported in the first quarter of 2022.
Meanwhile, Lyft also saw an upward trend in its net loss which reached $377.2 million in Q2 2022, ended June 30. It was $251.9 million in Q2 2021 and had fallen to $179.1 million in the first quarter of this year.
The ride-hailing company’s total cash stood at $1.8 billion by the end of the second quarter.
It expects its adjusted EBITDA to be in the $55-65 million range in the third quarter, and reach $1 billion by 2024. Following the news, the company’s shares grew by over 8% in extended trading.
“We leaned in hard in Q2 and the team did fantastic work to drive strong results,” said Lyft Co-founder & CEO Logan Green. “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.”
After reporting significant losses early in the pandemic, ride-hailing companies are now seeing a bounce-back in their businesses as many countries have now lifted curfews and travel restrictions. Rising car prices, on the other hand, has resulted in more and more people turning to ride-hailing apps, which are generally considered more affordable by many Those who own cars are also able tomake money by sharing their rides with others using apps like Lyft and Uber.
“We had the majority of new drivers come in organically … There is a tailwind as more and more people are enjoying this supplemental income,” said Lyft President John Zimmer, in a statement to Reuters.
The news arrives days after Lyft’s biggest rival Uber posted its financial results for the second quarter of 2022. The company reported a 105% Y/Y growth in revenue which reached $29.1 billion, and 33% rise in gross bookings which hit $29.1 billion. Its adjusted EBITDA was $364 million, up $873 million from Q2 2021, and net loss was $2.6 billion. It’s total cash reached $4.4 billion by the end of the quarter.