(News Bulletin 247) – Lyft climbed more than 14% on Friday on the New York Stock Exchange after reporting better-than-expected quarterly results and prospects deemed promising.
In its second quarter, the specialist in transport vehicles with driver (VTC) recorded a turnover up 30% to 990.7 million dollars, a performance well above the average of analysts’ forecasts at $959 million.
The Uber competitor also reported an adjusted Ebitda of $79.1 million, above the objectives that the San Francisco group had set but also the consensus, which aimed for $19 million.
Analysts hail the results, which they attribute to an improvement in the number of drivers, customers, the loyalty rate and the quality of service.
“The customer experience continues to improve with a number of drivers that has never been so high since the pandemic, which translates into shorter waiting times and a drop in the price of races”, underlines Credit Suisse .
While the company’s third-quarter guidance has been somewhat disappointing, Lyft said it is targeting adjusted Ebitda in the $1 billion range by 2024, including free cash flow (FCF) of 700 million dollars, while the market was much less optimistic.
The action rose more than 14% on Friday morning on the Nasdaq following this publication. The title has lost more than 59% since the start of the year and nearly 73% since its IPO in 2019.
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