Lyft Inc.

Lyft Inc (NASDAQ:LYFT) reported second quarter results that topped analyst expectations for revenue and gross bookings, while the ride-hailing company continued to see growth in riders and rides. Shares traded up 4% at about $17 on Friday morning. 81 billion expected by analysts. 37 billion consensus estimate and up 23% year over year. 3 million a year earlier. 7 million in the prior-year quarter. 5 million active riders during the quarter, up 17% year over year and marking the seventh consecutive quarter of double-digit growth. Rides increased 12% to 262 million, with the company citing growth across FREENOW by Lyft in Europe, North American rideshare and Lyft Urban Solutions.

“We have surpassed 30 million Active Riders globally, our highest ever, as more people embed Lyft into their everyday lives,” Lyft CEO David Risher said in a statement. “This milestone is driven by our customer obsession and operational excellence, and fuels our transformation into a hybrid transportation platform while we deliver strong financial performance. ” Lyft said approximately 30% of North American rideshare rides were linked to a partnership during the quarter, an all-time high for the company. The company also said its fleet operations with Waymo in Nashville began in June and are running smoothly as it prepares to open an 80,000-square-foot autonomous vehicle depot in October.

Separately, Lyft and Curb expanded their strategic partnership to New York City. 67 billion, representing year-over-year growth of approximately 15% to 19%. 6%. UBS viewed Lyft’s second quarter results as better than expected, citing acceleration in gross bookings and the company surpassing 30 million active riders for the first time. The firm raised its estimates and price target to $17 from $16 while maintaining a ‘Neutral’ rating. UBS wrote that the results reflected broad-based strength across North American rideshare, bikes and European operations, while management highlighted momentum in premium products, partnerships and marketplace efficiency.

The firm also pointed to healthy third-quarter guidance across rideshare, bikes and FREENOW. The firm said continued execution across partnerships, premium offerings, bikes and international markets could support growth, while progress in Lyft’s core US rideshare business remained an area to monitor. 2% adjusted EBITDA margin on gross bookings in the second quarter and the improvement it believes is needed to reach Lyft’s 4% margin goal for 2027.