Lyft Inc. saw record profits and revenue increase in the second quarter amid news that a trip the company laid off approx 60 employees due to the termination of the first party’s lease.

This was reported by a company from San Francisco second quarter earnings report That revenue rose 30 percent to $990.7 million on Thursday, but profit narrowed to a loss of $377.2 million. Lyft said the loss included $179.1 million in stock-based compensation and payroll taxes.

Adjusted net income rose 358 percent to $46.4 million. Adjusted earnings before interest, taxes, depreciation and amortization rose more than 43 percent to $79.1 million, the highest in the company’s history.

“In the middle of Q2, we revised our operating plan, we eliminated discretionary spending and significantly slowed hiring, we re-prioritized research and development initiatives and reorganized teams to ensure a focus on driving profitable growth,” said CEO Logan Green. in a phone conversation Thursday afternoon. a call to investors. “Our performance in the second quarter demonstrates our continued ability to navigate an uncertain operating environment and deliver strong results.”

Green said the company expects order volumes to reach or exceed pre-pandemic levels in the medium term.

Uber Technologies Inc., Lyft’s main competitor, arrived more than double and net income turned to a loss in the second-quarter earnings report released on Tuesday. Like Lyft, Uber’s $1.7 billion loss in the second quarter was related to Uber’s equity investment.

Shares of Lyft rose 4.1 percent $17.39 at the market close on Thursday.

https://www.autonews.com/mobility-report/lyft-earnings-q2-increase-earnings-and-revenue

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