Shares of ride-sharing company Lyft (LYFT) - Get Report rose after hours Wednesday after the company reported second quarter revenue that topped estimates while its net loss decreased from a year ago.
The company reported second quarter revenue of $339.34 million with a net loss of 86 cents per share. Analysts were expecting the company to report revenue of $336.77 million with a loss of 99 cents per share.
Lyft reported just 8,688,00 active riders in the quarter, a 60% decrease from the nearly 22 million active riders it had during the same time last year due in part to the coronavirus pandemic.
Lyft shares were up 2.0% to $31.12 after hours.
“While rideshare rides in the quarter were down significantly year-over-year, we are encouraged by the recovery trends we are beginning to see,” said CEO Logan Green, who added that rideshare rides in July were up 78% compared to April.
The company paid $32.1 million in severance and other related employee benefit costs as part of its restructuring efforts during the quarter amid the pandemic.
Lyft reported a net loss of $437.1 million in the quarter versus a net loss of $644.2 million in the same period in 2019.
"In Q2, we successfully limited our Adjusted EBITDA loss, outperforming the outlook we shared on our Q1 call by more than 20%. We continued to take aggressive actions to reduce costs and increase our underlying unit economics in the quarter, which has put Lyft on track to achieve $300 million of annualized fixed cost savings by the end of the year,” said CFO Brian Roberts.
Lyft shares closed Wednesday's session down 0.42% to $30.52.