Lyft Inc (NASDAQ: LYFT) reported second-quarter financial results after the closing bell on Wednesday. The ride-hailing company reported a 61% dip in Q2 revenues to $339.3 million, narrowly beating Wall Street consensus. Adjusted net loss of $0.86 per share was 13 cents narrower than what analysts had anticipated.
LYFT shares rose 2.1% immediately following the announcement. The stock has declined 30% so far this year.
CEO Logan Green said, “While rideshare rides in the quarter were down significantly year-over-year, we are encouraged by the recovery trends we are beginning to see, with monthly rideshare rides in July up 78% compared to April.”
Lyft ended quarter with $2.8 billion of unrestricted cash, cash equivalents and short-term investments.
Last week, rival Uber Technologies reported mixed second-quarter results, sending the stock down 5%.
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