Lyft, Inc. (NASDAQ: LYFT) has announced operating results for the second quarter of 2022, reporting a net profit on an adjusted basis, compared to a loss last year. The bottom line benefitted from continued recovery in ride-hailing.
The San Francisco-headquartered taxi booking platform reported an adjusted profit of $46.4 million for the second quarter of 2022, compared to a loss of $18 million in the same period of last year. On an unadjusted basis, it was a net loss of $377.2 million or $1.08 per share, compared to a loss of $251.9 million or $0.76 per share in the prior-year period.
At $990.7 million, revenues were up 30% year-over-year. Second-quarter adjusted EBITDA increased to $79.1 million from $23.8 million in the corresponding period of 2021.
“We leaned in hard in Q2 and the team did fantastic work to drive strong results. We generated the highest Adjusted EBITDA in our company’s history and saw COVID highs for Active Riders, drivers, and rides. It’s clear consumer transportation is a good long-term business with a massive addressable market,” said Logan Green, chief executive officer of Lyft.
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