Lyft’s second quarter revenue exceeded market expectations by $867.3 million

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Tencent Technologies News reported Wednesday that Lyft, an American online car company, released its second-quarter results as of June 30, 2019, according to foreign media.
According to the results, Lyft’s second-quarter revenue was $867.3 million, up 72% year-on-year, which exceeded market expectations of $809.27 million; its net loss was $644.2 million, which increased year-on-year.
In the second quarter, Lyft adjusted a net loss of US$197.3 million, or US$0.68 per share, better than the expected US$1.58 per share dilution loss.
Main results for the second quarter:
Lyft’s second quarter revenue was $867.3 million, up 72% from $504.9 million in the same period last year.
Lyft lost $672.9 million in the second quarter, compared with $178.7 million in the same period last year.
Lyft’s net loss in the second quarter included $296.6 million in equity incentives and related payroll tax expenditures related to the company’s initial public offering and $141.1 million in changes in insurance liabilities related to regulatory requirements. As a result, Lyft posted a net loss of $644.2 million in the second quarter, compared with a net loss of $178.9 million in the same period last year; Lyft posted a dilution loss of $2.23 per share in the second quarter, compared with a dilution loss of $8.48 per share in the same period last year.
Without the GAAP, Lyft’s adjusted net loss in the second quarter was $197.3 million, an increase from $176.5 million in the same period last year. Without GAAP, Lyft’s adjusted dilution loss per share in the second quarter was $0.68, compared with $8.37 in the same period last year.
Lyft’s second quarter EBITDA was – 204.1 million US dollars, compared with – 190.5 million US dollars in the same period last year, and its profit margin before tax and interest depreciation and amortization was – 235.8%, compared with – 37.7% in the same period last year.
Lyft had 21.81 million active users in the second quarter, up 41% from 15.45 million in the same period last year.
Lyft’s average revenue per active user in the second quarter was $39.77, up 22% from $32.67 a year earlier.
Executive Review:
Logan Green, co-founder and CEO of Lyft, said: “The second quarter was characterized by strong execution and significant progress in products and platforms. This translates into record revenue, driven by an unpredictable increase in the number of active private car drivers and monetized income per active private car driver. We are still focused on reshaping transportation, and we are pleased with the continued improvement of market conditions. With our implementation, this environment is transforming into strong revenue growth and sales and marketing efficiency. As a result of this positive momentum, we expect a loss in 2019 to be better than previously expected, and we are pleased to readjust our performance outlook.
Second quarter performance analysis:
Lyft’s second quarter revenue was $867.3 million, up 72% from $504.9 million in the same period last year.
The total cost and expenditure of Lyft in the second quarter was $1.540 billion, compared with $699 million in the same period last year. Among them, 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 $181 million, compared with last year. Over the same period, $175 million; total and administrative expenditures were $267 million, compared with $98.5 million in the same period last year.
Lyft lost $1,156.9 billion in the second quarter, compared with $245 million in the same period last year.
Lyft’s operating loss in the second quarter was $672.9 million, compared with $178.7 million in the same period last year.
Lyft’s net loss in the second quarter included $296.6 million in equity incentives and related payroll tax expenditures related to the company’s initial public offering and $141.1 million in changes in insurance liabilities related to regulatory requirements. As a result, Lyft posted a net loss of $644.2 million in the second quarter, compared with a net loss of $178.9 million in the same period last year; Lyft posted a dilution loss of $2.23 per share in the second quarter, compared with a dilution loss of $8.48 per share in the same period last year.
Without the GAAP, Lyft’s adjusted net loss in the second quarter was $197.3 million, an increase from $176.5 million in the same period last year. Without GAAP, Lyft’s adjusted dilution loss per share in the second quarter was $0.68, compared with $8.37 in the same period last year.
Lyft’s second quarter EBITDA was – 204.1 million US dollars, compared with – 190.5 million US dollars in the same period last year, and its profit margin before tax and interest depreciation and amortization was – 235.8%, compared with – 37.7% in the same period last year.
By the end of the second quarter, Lyft had a total of $3.309 billion in cash, cash equivalents and short-term investments, compared with $2.038 billion as at 31 December 2018.
Performance outlook:
Lyft expects total revenue in the third quarter to be between $915 million and $915 million, up 54% to 56% year-on-year, and adjusted pre-tax depreciation and amortization losses of $190 million to $210 million.

Lyft also expects total revenue of $3.47 billion to $3.5 billion in 2019, up from $3.275 billion to $3.3 billion previously projected, with annual growth rates ranging from 61% to 62%, up from 52% to 53% previously projected, and adjusted pre-tax depreciation and amortization losses of $850 million to $875 million, better than the previous projected loss of $1.3 billion. Between $150 million and $1.175 billion.
Stock price performance:
Lyft shares rose $2.71, or 2.71%, to close at $60.29 in regular trading on the Nasdaq Stock Exchange on Wednesday. In subsequent after-hours trading, the company’s share price rose $2.48, or 4.11%, to close at $62.77, driven by expectations from the performance supermarket at the time of release. Since March 29, Lyft’s lowest share price has been $47.17 and its highest share price has been $88.60. At Wednesday’s closing price, Lyft has a market capitalization of about $17.5 billion. (Tencent Science and Technology Compilation/Mingxuan)