Lyft Financial Report for the Second Quarter of 2023
Lyft’s financial report for the second quarter of 2023 has shown positive results, but investors are concerned about the announcement of a price war from competitor Uber.
Lyft’s revenue reached $1.02 billion, which is 3% higher than the previous year. The number of Lyft service users continues to grow.
The company’s EBITDA amounted to $41 million, compared to a loss of $105 million in the previous year. The company has managed to significantly reduce its operating losses and become more profitable.
Table: Lyft second quarter 2023 report
| Metric | Value | YoY change |
|---|---|---|
| Revenue | $1.02 billion | +3% |
| EBITDA | $41 million | -$105 million |
| EPS | $0.16 | -$0.44 |
Lyft’s EPS (earnings per share) stood at $0.16, compared to a loss of $0.44 per share in the previous year. This means that the company’s profits have significantly increased, making it more successful in its operations.
However, despite the positive results, investors were alarmed by the announcement of a price war from Uber. This led to a nearly 7% decrease in Lyft’s stock in pre-market trading.
Furthermore, the company’s revenue per active user decreased by 5% to $47.5. This may be due to intensified competition in the market and the need for expense reduction.
Overall, Lyft’s financial report for the second quarter of 2023 shows positive development and profitability. However, competition from Uber and a decline in revenue per active user present challenges for the company.
