Lyft gets boost from improving outlook

Lyft shares gained Wednesday after the US ride-hailing giant said it sees "positive momentum" that will help the company cut losses over the rest of 2019.

The San Francisco-based Uber rival said its loss in the second quarter more than tripled from a year ago to $644 million including stock compensation expenses.

But revenue rose 72 percent to $867.3 million, and the company raised its outlook for the coming month.

Shares rose 1.3 percent in after-hours trade.

"We remain focused on reshaping transportation and we are pleased with the continued improvement in market conditions," said chief executive Logan Green.

"This environment along with our execution is translating to strong revenue growth and sales and marketing efficiencies. As a result of this positive momentum, we anticipate 2019 losses to be better than previously expected and we are pleased to have updated our outlook."

Lyft said the number of "active riders" in the quarter rose 41 percent from a year ago to 21.8 million.

It forecast revenue of $900 million to $915 million.

The report comes a day before results from Uber, Lyft's larger rival, with both firms struggling to achieve profitability as they disrupt traditional local transport markets.

Both ride-sharing groups made their stock market debut earlier this year and have seen their shares decline since.

Related Links
Car Technology at SpaceMart.com

Tweet

Thanks for being there;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Monthly Supporter
$5+ Billed Monthly

paypal only

SpaceDaily Contributor
$5 Billed Once

credit card or paypal

Five things to know about VW's 'dieselgate' scandal
Frankfurt Am Main (AFP) July 31, 2019
Volkswagen's emissions cheating scandal, over which ex Audi chief executive Rupert Stadler was charged Wednesday, has had major repercussions for the car industry since it broke four years ago. Here are key points about "dieselgate". - Exposed in 2015 - On September 18, 2015, the US Environmental Protection Agency (EPA) reported that VW had installed illegal "defeat devices" in hundreds of thousands of engines in the United States since 2009. The software - used in the Volkswagen, Porsc ... read more