Lyft Reports an Alarming Revenue Drop of 61%

 

The San Francisco-based company’s revenue slumped to $339.3 million in the April-June quarter, down 61%

Lyft, which belongs to the Zacks Internet – Services industry, posted revenues of $339.35 million for the quarter ended June 2020, surpassing the Zacks Consensus Estimate by 3.45%. This compares to year-ago revenues of $867.27 million. Lyft has topped consensus revenue estimates four times over the last four quarters.

“In Q2, we successfully limited our Adjusted EBITDA loss, outperforming the outlook we shared on our Q1 call by more than 20%. We continued to take aggressive actions to reduce costs and increase our underlying unit economics in the quarter, which has put Lyft on track to achieve $300 million of annualized fixed cost savings by the end of the year. These steps position the Company to achieve adjusted EBITDA profitability with 20 – 25% fewer rides than originally contemplated in our fourth quarter 2021 target,” says CFO Brian Roberts.

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