Categories AlphaGraphs, Earnings, Industrials

Earnings: Lyft reports adjusted profit for Q1 2022; revenue up 44%

Lyft, Inc. (NASDAQ: LYFT) has announced operating results for the first quarter of 2022, reporting an adjusted profit compared to a loss last year. The bottom line benefitted from a sharp increase in revenues.

Lyft's Key Business Metrics

The ride-hailing company reported a net income of $24.6 million for the first three months of fiscal 2022, on an adjusted basis, compared to a loss of $114.1 million in the year-ago quarter. Including special items, it was a net loss of $196.9 million or $0.57 per share for the March quarter, compared to a loss of $427.3 million or $1.31 per share in the same period of last year.

First-quarter revenues increased 44% year-over-year to $875.6 million even as rideshare volumes reached a new COVID high. The results also exceeded the management’s outlook.

Check this space to read management/analysts’ comments on Lyft’s Q1 2022 earnings

“We will continue improving service levels to benefit our business in the near-term and put us in the best position to support increasing demand over the long-term. We also expect to strategically invest in key business initiatives to support our continued growth,” said Elaine Paul, chief financial officer of Lyft.

Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!

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