President John Zimmer (L) and CEO Logan Green are lifted during an interview at an IPO event in Los Angeles March 29, 2019.
Michael Luciano | CNBC
Lyft, the second most popular tourism platform in the United States, just reported earnings for the quarter ended June 20:
- Loss per share: $ 0.68 adjusted, compared to an expected loss of $ 1.74 per Refinitive
- Revenue: $ 867 million against expected $ 809 million, per Refinitive
Shares in the company climbed as much as 1
In a conversation with CNBC's Deirdre Bosa, Lyft CFO Brian Roberts said he thought the company's top loss was last year, based on how good this quarter was. He also said the company could break even faster than predicted, and will update the street later this year in terms of long-term guidance and break-even date.
Lyft said it now expects revenues to reach between $ 3.47 billion and $ 3.5 billion this year, up from a previously stated range of $ 3.275 billion to $ 3.3 billion. The company also said it expects to reduce losses in the first fiscal year on public markets, and revised guidance from $ 1.15 billion to $ 1.175 billion to $ 850 million to $ 875 million
in addition to better sales than expected and as a brighter perspective, Lyft reported that it had 21.8 million "active riders" on its platform in the second quarter, compared to the expected 21.1 million analysts.
Lyft debuted in the public market in March, collecting about $ 2.3 billion from the listing. Shares in Lyft had dropped more than 15% from the IPO before the update in Q2.
Like Uber, its main competitor, Lyft has tried to build its mobility business beyond ride-hailing. It acquired Motivate, and its bike-sharing network, and deployed electric "dockless" bikes and scooters in North American cities.
Uber shares also rose more than 3% as investors responded to Lyft's positive policies.
Recently, Lyft had to pull its electric bikes from some markets after some of the bikes caught fire for undetermined reasons.
Former CEO Jon McNeill recently left Lyft after less than two years there, the company said in a filing until late July.