By Yasin Ebrahim
Investing.com – Lyft on Wednesday reported second-quarter results that fell short of analysts’ estimates as the pandemic brought ride-sharing activity to a halt.
LYFT (NASDAQ:) fell 1% postmarket.
For the second quarter, Lyft narrowed losses per share to $1.41 from $2.32 reported a year earlier, while revenue fell 60.9%, to $339.3M. The results compared with consensus estimates for a loss of $1.07 a share on revenue of $340.6B.
The contribution margin decreased to 34.6% from 46.0% in the quarter, missing estimates of 48.7%.
The company said “active riders” on its platform slumped 60% to 8.7 million in the fourth quarter compared to the same period last year, while revenue per active rider slipped 2% year-over-year to $39.06.
Lyft, however, said it had seen signs of a recovery in ride-sharing activity.
“While rideshare rides in the quarter were down significantly year-over-year, we are encouraged by the recovery trends we are beginning to see, with monthly rideshare rides in July up 78% compared to April,” said Logan Green, co-founder and chief executive officer of Lyft.
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