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Illustration: Lazaro Gamio/Axios

Ride-hailing company Lyft posted its first-ever profit on an adjusted EBITDA basis on Tuesday, along with $765 million in revenue for Q2 and a loss per share of $0.76.

Why it matters: The company now expects to reach full-year adjusted EBITDA profitability this year. With investor pressure to see gig economy companies get in the black, Lyft said in 2019 it would reach this milestone by the last quarter of 2021 (and that was before the pandemic forced everyone home for several months).

  • It's also a testament to how fast demand for ride-hailing has rebounded since spring of last year when most Americans stayed home to protect themselves from the deadly COVID-19 virus, though executives warned during a call with analysts that the emergence of new variants could impact this trend.

Yes, but: This is a heavily massaged financed metric, so Lyft is not a profitable company in the plain sense of the term. Skeptics of the business model don't believe any company will ever be able to achieve this.

  • The company's adjusted EBITDA metric notably exclude stock based compensation, which amounted to $201 million in the past quarter, up from $106 million a year ago.

By the numbers:

  • Revenue: $765 million, compared to $696.22 million expected
  • Loss per share: $0.76, compared to $0.24 expected. It had an adjusted loss per share of $0.05
  • Active riders: 17.14 million
  • Revenue per active rider: $44.63

Go deeper

Lyft's first safety report shows over 4,000 sex assaults in 3 years

Photo: Thomas Trutschel/Photothek via Getty Images

Nearly two years after rival Uber did the same, ride-hailing company Lyft released its first ever safety report, showing that between 2017 and 2019 it received 4,158 reports of sexual assault of passengers and drivers on its service in the U.S.

Why it matters: The companies have been criticized over the years for not doing enough to prevent safety incidents, and for how victims are treated afterwards.

  • And while Uber has received much more negative attention over the years for its internal turmoil and aggressive business tactics, media investigations and lawsuits from victims have shown that the more cosily branded competitor has faced similar challenges when it comes to customer safety.
  • Back in 2018, both companies committed to releasing reports, even to potentially collaborate.

By the numbers:

  • Total number of sexual assault incidents on Lyft: 1,096 in 2017, 1,255 in 2018, and 1,807 in 2019.
  • Total number of motor vehicle fatalities: 22 in 2017, 34 in 2018, and 49 in 2019.
  • Fatal physical assaults: 3 in 2017, 3 in 2018, and 4 in 2019.
  • During that period, the reporting parties across the five sexual assault categories were as follows: Drivers: 38%; riders: 52%; third parties: 10%.
  • The report also highlights the percentage of overall trips during which each incident category occurred as a way to underscore their rarity. Overall, incidents occurred in 0.0002% of trips.

What's next: Uber is expected to publish its second safety report later this year.

Go deeper:

Existing home sales hit inflection point

Expand chart
Data: National Association of Realtors; Chart: Jacque Schrag/Axios

Homebuyers were busy this summer: They closed on 6.29 million properties in September on a seasonally adjusted annualized rate, up 7% from August, according to the National Association of Realtors.

Why it matters: Lower mortgage rates made purchasing an attractive option, despite higher sales prices.

"Atmospheric river" to whiplash Northern California from drought to flood

A map depicting 24-hour preciptation forecast (inches) ending Monday at 5a.m. local time. Photo: NOAA

A series of powerful "atmospheric river" storms are set dump historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is predicted to whiplash Northern California from drought to flood.

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