Lyft’s net loss in the second quarter was $644.2 million, up from a year earlier

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DoNews, Aug. 8 (Reporter Zhai Jiru) Lyft released its second quarter earnings report, showing that its revenue in the quarter was 867.3 million US dollars, up 72% from the same period last year; its net loss was 644.2 million US dollars, compared with 178.9 million US dollars in the same period last year, and its adjusted net loss was 197 million US dollars, which increased year-on-year.
The results showed that Lyft’s total cost and expenditure in the second quarter were $1.540 billion, of which revenue cost was $630 million, compared with $293 million in the same period last year; operating and support expenditure was $152 million, compared with $67.4 million in the same period last year; R&D expenditure was $310 million, compared with $64.4 million in the same period last year; sales and marketing expenditure was $16.4 million. US$8.1 billion, compared with US$175 million in the same period last year, and US$267 million in total and administrative expenditures, compared with US$98.5 million in the same period last year.
The net loss of $644.2 million includes $296.6 million in equity incentives and related payroll tax expenditures, and $141.1 million in changes in insurance liabilities related to regulatory requirements.
Operationally, Lyft had 21.8 million active users in the second quarter, higher than analysts’expectations of 21.1 million. In addition, Lyft expects revenue to reach 3.47 billion to 3.5 billion US dollars this year, higher than analysts expected. (End)