Lyft Turns First Quarterly Adjusted Profit Ahead of Schedule
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Photographer: Jeenah Moon/Bloomberg
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Lyft Inc. delivered its first-ever adjusted profit during the second quarter, a milestone for a company that has racked up losses since its founding. The company had previously said it would not turn a profit before taxes, depreciation and other expenses until the following quarter.
Lyft’s adjusted profit was $23.8 million, helped along by surging demand for its ride-hailing services and deep cost cuts the company made last year. The adjusted profit beat analysts’ estimates that the company would lose $40.2 million during the quarter. Lyft’s stock was little changed in after-hours trading.