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Lyft's operating profit surges on rideshare demand, hiring slowdown

By Nivedita Balu (Reuters) - Ride-hailing firm Lyft Inc (NASDAQ:LYFT) on Thursday reported a record adjusted operating profit, benefiting from a surge in demand for rides and a...
Lyft's operating profit surges on rideshare demand, hiring slowdown © Reuters. FILE PHOTO: The Lyft Driver Hub is seen in Los Angeles, California, U.S., March 20, 2019. REUTERS/Lucy Nicholson/File Photo

By Nivedita Balu

(Reuters) - Ride-hailing firm Lyft Inc (NASDAQ:LYFT) on Thursday reported a record adjusted operating profit, benefiting from a surge in demand for rides and a dramatic slowdown in company-wide hiring that helped manage costs, sending its shares up 5%.

Earlier this week, bigger rival Uber (NYSE:UBER) Inc reported upbeat quarterly results and turned cash flow positive for the first time, signaling demand for rideshare even as high inflation forces several consumers to cut back on spending.

Lyft last quarter said it would make investments to attract drivers as ride-hailing companies struggled with fewer cars on the road when consumers were returning to offices and taking more airport trips. Both Uber and Lyft are seeing more driver sign-up, as cost of living increases.

"We had the majority of new drivers come in organically ... There is a tailwind as more and more people are enjoying this supplemental income," Lyft President John Zimmer said in an interview with Reuters.

Zimmer said the growth also came as it focused on product and engineering to improve marketplace efficiency.

He said the company sees more room for growth as it works on how it matches riders and drivers and introduces new programs for users that come at different price points.

Lyft was also among a slew of tech companies that slowed hiring to cope with an economic slowdown.

The company's adjusted EBITDA, a metric that excludes stock-based compensation and some other costs, was $79.1 million for the second quarter and surpassed its own forecast of a range between $10 million and $20 million.

Active riders were 19.9 million in the second quarter, up 12% from the prior quarter, and the highest on Lyft's platform since COVID-19 began. Airport trips made up 10.2% of total rides, a historic high, Zimmer said, adding that there was strong demand for rideshares.

Revenue grew 30% to $990.7 million in the quarter ended June 30 from a year ago. Analysts on average had expected $990.5 million, according to IBES data from Refinitiv.

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16-08-2022 19:26:37 (UTC+7)

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 EUR/USD1.0136↑ Buy
 GBP/USD1.2037↑ Buy
 USD/JPY134.38↑ Buy
 AUD/USD0.7004↑ Sell
 USD/CAD1.2908Buy
 EUR/JPY136.21↑ Buy
 EUR/CHF0.9628↑ Buy
 Gold1,790.85↑ Sell
 Silver20.043↑ Sell
 Copper3.6178↑ Sell
 Crude Oil WTI90.09↑ Sell
 Brent Oil95.49↑ Sell
 Natural Gas9.115↑ Buy
 US Coffee C222.98↑ Sell
 Euro Stoxx 503,798.65↑ Sell
 S&P 5004,297.14Neutral
 DAX13,865.22↑ Sell
 FTSE 1007,552.38↑ Sell
 Hang Seng19,830.52↑ Buy
 Small Cap 20002,020.40↑ Buy
 IBEX 358,498.59↑ Sell
 BASF44.335↑ Buy
 Bayer54.16↑ Sell
 Allianz179.77↑ Sell
 Adidas170.76Neutral
 Lufthansa6.737↑ Sell
 Siemens AG111.31↑ Sell
 Deutsche Bank AG9.008↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,580/ 6,680
(-10/ -10) # 1,639
SJC HCM6,600/ 6,700
(-10/ -10) # 1,659
SJC Hanoi6,600/ 6,702
(-10/ -10) # 1,661
SJC Danang6,600/ 6,702
(-10/ -10) # 1,661
SJC Nhatrang6,600/ 6,702
(-10/ -10) # 1,661
SJC Cantho6,600/ 6,702
(-10/ -10) # 1,661
Cập nhật 16-08-2022 19:26:39
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Ngoại tệMua vàoBán ra
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Cập nhật lúc 18:54:08 16/08/2022
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