Primarily a ridesharing service, Lyft is looking to new sources of income in an effort to remain competitive with larger rivals such as Uber Technologies, which has a more mature advertising business while also offering deliveries and freight brokerage.

In addition to its in-app advertising, Lyft plans to replace the static displays at its bike-share stations with digital screens while increasing its volume of in-car tablets and displays on the top of cars.

The advertising business is also expected to assist the ridesharing company to drive revenue while keeping prices stable. The company is also looking into the potential sale or strategic partnership for its bike unit.

The post Lyft Looks to Ads to Boost Revenue appeared first on theprimarymarket.com.

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.

The post Lyft’s Stock Up More Than 8% After Q2 Report Tops Estimates appeared first on theprimarymarket.com.

Primarily a ridesharing service, Lyft is looking to new sources of income in an effort to remain competitive with larger rivals such as Uber Technologies, which has a more mature advertising business while also offering deliveries and freight brokerage.

In addition to its in-app advertising, Lyft plans to replace the static displays at its bike-share stations with digital screens while increasing its volume of in-car tablets and displays on the top of cars.

The advertising business is also expected to assist the ridesharing company to drive revenue while keeping prices stable. The company is also looking into the potential sale or strategic partnership for its bike unit.

The post Lyft Looks to Ads to Boost Revenue appeared first on theprimarymarket.com.

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.

The post Lyft’s Stock Up More Than 8% After Q2 Report Tops Estimates appeared first on theprimarymarket.com.