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Lyft Stock: Ride-Hailing Company Narrows Loss on 'Record Hourly Earnings'

San Francisco based Lyft says  revenue more than doubled in latest period.
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Lyft,  (LYFT) - Get Lyft Inc Class A Report the San Francisco ride-hailing specialist, reported a narrower second-quarter loss as revenue more than doubled.

The quarterly net loss narrowed to 76 cents a share from $1.41 a share in the year-earlier quarter. Shares outstanding climbed 7.4% to 332.1 million.

Revenue reached $765 million from $339.3 million.

A survey of analysts by FactSet produced consensus estimates of a GAAP loss of 70 cents a share on revenue of $700 million.

FactSet reported Lyft's adjusted loss for the quarter was 6 cents a share, compared with the consensus analyst estimate of a 23-cent loss.

The company said that in the quarter it for the first time reached adjusted profitability based on earnings before interest, taxes, depreciation and amortization.

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At last check Lyft shares were trading up 0.9% at $55.86. They closed regular Tuesday trading down 1.1% at $55.38.

Adjusted Ebitda for the second quarter was $23.8 million. 

"We beat our outlook across every metric," Logan Green, co-founder and chief executive, said in a statement.

At June 30 Lyft reported 17.1 million active riders, nearly double the 8.7 million a year earlier.

The company's chief financial officer, Brian Roberts, said that Lyft drivers took in "record hourly earnings." The company statement didn't specify numbers.  

"And in July driver earnings remained strong as demand for our platform continued to grow despite increases in reported COVID case counts," Roberts said.

At the end of the quarter Lyft had unrestricted cash, equivalents and short-term investments totaling $2.2 billion.