Lyft Shows Stable Demand as Second-Quarter Revenue Exceeds Forecasts
Article excerpt
((Automated translation by Reuters using machine learning and generative AI, please refer to the following disclaimer: https://bit.ly/rtrsauto)) * Forecasts gross bookings between $5.5 billion and $5.67 billion for the third quarter * Gross bookings reached a record $5.50 billion in the second quarter * Partners account for approximately 30% of North American rideshare trips (Updates figures and adds details in paragraphs 1 and 7) by Akash Sriram Lyft LYFT.O on Thursday surpassed Wall Street estimates for its second-quarter revenue and announced current-quarter gross bookings forecasts slightly above expectations, with growth driven by demand for high-value trips, international expansion, and partnerships.Revenue jumped 16% to $1.84 billion in the quarter ended June 30, exceeding analysts' average estimate of $1.81 billion, according to LSEG data.“We are seeing real strength across our entire business. Whether it's rideshare in the U.S., our bikes and scooters business, or our operations in Europe, we are seeing strength in all of those areas,” Chief Financial Officer Erin Brewer told Reuters.The FIFA World Cup, held in the United States, Canada, and Mexico, boosted demand during the second quarter, particularly for airport trips and in host cities.For the third quarter, the company forecasts gross bookings between $5.5 billion and $5.67 billion, while Wall Street expected...
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The company's earnings per share stood at 13 cents in the quarter ended June, slightly below estimates of 14 cents.
