Lyft Reports Q2 Sales Beat, Active Riders Down 60%

Lyft LYFT reported quarterly losses of $1.41 per share, which missed the analyst consensus estimate by 42 cents. This is a 107.35% decrease over losses of 68 cents per share from the same period last year.

The company reported quarterly sales of $339.35 million, which beat the analyst consensus estimate of $336.77 million by 0.76%. This is a 60.87% decrease over sales of $867.26 million the same period last year.

Lyft reports July monthly rideshare rides were up 78% compared to April.

"While rideshare rides in the quarter were down significantly year-over-year, we are encouraged by the recovery trends we are beginning to see, with monthly rideshare rides in July up 78% compared to April," said Logan Green, CEO of Lyft.

"Lyft's second quarter results reflect an operating environment that was not only challenging for our core ridesharing business, but also for our valued riders and drivers and the communities we serve. Our performance reinforces our belief that Lyft is taking on the critical work necessary to emerge from the crisis as a stronger company," adds Green.

Lyft shares were trading up 3.7% at $31.65 in Wednesday’s after-hours session. The stock has a 52-week high of $58.49 and a 52-week low of $14.56.