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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.

Go deeper

Nov 10, 2020 - Podcasts

Lyft co-founder John Zimmer on what comes next for the gig economy

Gig economy companies like Lyft and Uber got a huge win in California last week, when voters approved a measure that will let them continue to classify many of their workers as independent contractors instead of employees.

Axios Re:Cap digs into the ballot measure and what comes next, both in California and nationally, with Lyft co-founder and President John Zimmer.

Pelosi announces bid for re-election ahead of 2022 midterms

House Speaker Nancy Pelosi (D-Calif.) announced her bid for re-election Tuesday, amid a deluge of other safe-seat Democrats announcing their retirements.

Why it matters: Pelosi’s announcement follows months of speculation — despite her denials — that she was preparing to leave Congress.

Scoop: Qatar emir to visit White House on Monday

The emir of Qatar, Tamim bin Hamad Al Thani, leaves the White House after meeting President Trump in 2019. Photo: Nicholas Kamm/AFP via Getty Images

The emir of Qatar will meet with President Biden at the White House on Monday to discuss Afghanistan as well as contingency plans to provide natural gas to Europe in the event of a Russian invasion of Ukraine, Axios has learned.

Why it matters: Europe's reliance on Russia for 40% of its natural gas is undermining Biden's attempts to coordinate "massive" sanctions to be imposed from both sides of the Atlantic if Russia invades. The White House wants Qatar to help ensure European countries can enforce tough sanctions without risking an energy crisis.