Lyft's revenue beat expectations, and it lowered its loss guidance for the year.
Lyft stock soared as much as 10% after-hours as the ride-hailing company posted a better than expected quarter and lowered its guidance for losses.
The company posted $867 million in revenue, up 72% year-over-year, smashing analyst expectations of revenue of around $809 million, per FactSet estimates. Still, the company is losing money. For the second quarter, Lyft lost $644.2 million, up from $178.9 the same quarter a year ago. A big part of the loss came from stock-based compensation related to how it pays its employees.
Lyft also improved its guidance on losses for the year. The company had previously expected to lose between $1.15 billion to $1.175 billion. That's since been lowered to $850 million to $875 million. Whether Lyft and Uber can stem the losses and ever reach a break-even point has been an increasing point of concern for investors. Lyft's stock has been trading down from its IPO in March and the price sank further in late July whenUber's stock nudged up 3% in after-hours trading on the news of Lyft's improved loss guidance. The ride-hailing rival will report its earnings on Thursday and is expected to post over $3 billion in losses, largely due to Uber's IPO expenses.
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