Lyft beats Q2 revenue estimates as active riders hit record high
LYFT•Q2 revenue and EBITDA beat estimates
- Lyft said second-quarter revenue rose 16% year over year, beating analyst expectations.
- Adjusted EBITDA for the quarter also beat analyst expectations, rising 37% year over year.
- The company reported Q2 net income of $50.30 million.
- Key details:
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Beat | $1.84 bln | $1.81 bln (38 Analysts) |
| Q2 Net Income | $50.30 mln | ||
| Q2 Adjusted EBITDA | Beat | $177.20 mln | $172.18 mln (35 Analysts) |
| Q2 Adjusted EBITDA Margin | 3.2% | ||
| Q2 Gross Bookings | $5.50 bln |
Third-quarter outlook and analyst view
- Lyft said it expects third-quarter gross bookings of $5.50 billion to $5.67 billion, up 15% to 19% year over year.
- The company expects third-quarter adjusted EBITDA of $183 million to $203 million.
- Lyft forecast third-quarter adjusted EBITDA margin of 3.3% to 3.6%.
- The current average analyst rating on the shares is "hold," with 17 "strong buy" or "buy," 31 "hold," and 2 "sell" or "strong sell" ratings.
- Wall Street's median 12-month price target for Lyft is $18.00, about 9.2% above its August 5 closing price of $16.48.
- The stock recently traded at 21 times next-12-month earnings, versus a P/E of 19 three months ago.
