Lyft reports big jump in revenue for second quarter of 2019

Source: Xinhua| 2019-08-08 18:09:12|Editor: Shi Yinglun
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SAN FRANCISCO, Aug. 7 (Xinhua) -- U.S. ride-sharing company Lyft Inc. Wednesday said it made new headway in profitability as its revenue jumped 72 percent to 867.3 million U.S. dollars for the second quarter of 2019.

The record quarterly revenue gains, which were a big increase from the same period last year, beat market estimates of 809 million dollars forecast for one of the major ride-hailing platforms in the United States.

The San Francisco-based company's shares rose 13 percent in after-hours trading after Lyft released the Q2 financial results Wednesday.

"Lyft's second quarter was marked by strong execution and important advances in our product and platform," said Logan Green, co-founder and chief executive officer of Lyft.

"This translated to record revenue driven by better than expected Active Rider growth and Revenue per Active Rider monetization," he added.

Lyft said it has accumulated 21.807 million active riders in its second quarter, up 41 percent over the same period of 2018.

The company yielded an average revenue of 39.77 dollars per rider, an increase of 22 percent over last year.

Meanwhile, Lyft also saw its net loss for the second quarter rise to 644.2 million dollars, as costs more than doubled to 1.54 billion dollars from the previous year.

For the next quarter, Lyft forecast its revenue will reach between 900 million dollars and 915 million dollars, with an anticipated growth of 54 percent to 56 percent year-over-year.

Lyft, a strong rival of Uber Technologies Inc, went public in March this year and raised about 2.3 billion dollars from the listing.