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Lyft Wednesday posted narrower losses and higher revenue than expected for the second quarter, though revenue did fall 61% from the same period last year. 

Why it matters: Lyft's business has been hard hit by the coronavirus pandemic as people stay home. 

Loss per share: $0.86, compared to $0.99 expected, per Yahoo Finance. 

Revenue: $339.3 million, compared to $336.8 million expected, per Yahoo Finance. 

Active riders: 8.7 million, down 60% year-over-year.

Revenue per active rider: $39.06, down 2% year-over-year. 

Meanwhile, the company is also fighting a new court injunction that would force it and rival Uber to immediately reclassify California drivers as employees. 

Lyft beats Wall Street expectations for Q2

Still, it's business is less than half of what it was a year ago.

Business

Lyft

Technology

Lyft Wednesday posted narrower losses and higher revenue than expected for the second quarter, though revenue did fall 61% from the same period last year. Why it matters: Lyft&#x27;s business has been hard hit by the coronavirus pandemic as people stay home.

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

From the Valley to D.C., Big Tech players like Facebook, Google and Amazon are under more scrutiny than ever as new technology develops and privacy and antitrust concerns grow in lockstep with companies’ ambitions.

Lyft beats Wall Street expectations for Q2

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