The second quarter turned out to be about positives for the transport service platform Lyft. The company’s reported Q2 earnings managed to top Wall Street estimates in a big way, sending Lyft stock 4.07% up on Thursday. The shares ended up growing a total of 8.63% in after-hours trading compared to the $16.71 close the day before.
Lyft has reported revenue of $991 million compared to the $986.7 million expected. This is a 13% increase compared to Q1 and 30% more than in the same period last year. The Wall Street analysts also predicted a $0.04 share loss, but the company ended up pulling 13¢ a share in adjusted earnings per share (EPS).
Another great news for Lyft is that the company increased the number of active drivers by 16% compared to 2021. The figure now stands at 19.9 million, which is more than the 19.8 million estimated. It is also the highest number since the start of the pandemic.
While Lyft is still not in the clear, seeing its shares still 60.1% down year to date, the Q2 results should be enough to give both the company and investors optimism for the remainder of the year.
“We are confident in our ability to continue navigating macroeconomic headwinds and deliver strong long-term business results,” Lyft’s CFO Elaine Paul said in a statement.