Aug 12, 2020 - Economy & Business

Lyft beats Wall Street expectations for Q2

Photo: DON EMMERT/AFP via Getty Images

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.

By the numbers:

  • 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.

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