Lyft Inc. (LYFT) shares gained 0.36% in after-hours on Tuesday, August 03, 2021, and closed the daily trading at $55.58. in the regular trading session of Tuesday, LYFT’s stock lost 1.11%. LYFT shares have risen 90.37% over the last 12 months, and they have moved up 3.86% in the past week. Over the past three months, the stock has lost 1.44%, while over the past six months, it has declined 16.59%. The company has a current market of $18.71 billion and its outstanding shares stood at 326.17 million.
Let’s see what are the latest news about the ride-sharing company?
LYFT Latest financial results announcement
On August 03, 2021, Lyft, Inc. (LYFT) reported its financial results for its second quarter ended June 30, 2021.
LYFT Q2 2021 financial highlights
- Lyft earned a revenue of $765.0 million in Q2 2021 compared to $339.3 million in the second quarter of 2020.
- It suffered a net loss of $251.9 million in Q2 2021 compared to a net loss of $437.1 million in the same period of 2020.
- Adjusted net loss was $18.0 million in Q2 2021 compared to an Adjusted net loss of $265.8 million in the second quarter of 2020.
- Adjusted EBITDA was $23.8 million for Q2 2021, which is the first positive EBITDA for the company.
- As of June 30, 2021, company had $2.2 billion of unrestricted cash, cash equivalents and short-term investments.
Q3 2021 financial Guidance
For Q3 2021, the company is expecting revenue of $850 million to $860 million, which is lower than the analyst’s predicted figure of $869.1 million.
LYFT To Launch Self-Driving Cars
The ride-hailing service, LYFT, announced on Wednesday, July 21, 2021, that it will have a fleet of self-driving cars from Ford and Argo in service by the end of the year. Argo AI and Ford will deploy Ford self-driving cars, with safety drivers, on the Lyft network. Both companies are expecting to get 1,000 self-driving cars across multiple cities by 2026.
LYFT resumed shared rides in the U.S
On July 15, 2021, Lyft Inc resumed the option for passengers to book shared rides in select U.S. markets for the first time since the pandemic, when shared trips were scrapped to halt the spread of the novel coronavirus.
The company said it plans to resume the split share service to all 18 cities in the next few months.
Wearing the mask would be compulsory for the drivers and riders and that drivers could opt out of offering shared rides. Shared rides would also be limited to two passengers, with the middle and front seats remaining empty.
Conclusion
The Q2 2021 results were not the reason behind Lyft price fluctuation. It was the financial outlook for Q3 2021 which disappointed the investors and Lyft stock felt pressure on Tuesday. Still, the company has the potential to continue positive momentum in the coming days.
