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LYFT: in profit for first time ever

( - On Tuesday night Lyft reported the first operating profit in its history, although this performance was nevertheless overshadowed by an outlook that was deemed disappointing and recurring difficulties in recruiting drivers.

The chauffeured transportation group (VTC) last night reported Q2 revenue of 765 million dollars, up 125% year-on-year and above the consensus of 695 million dollars.

More importantly, the San Francisco-based group reported adjusted Ebitda of 23.8 million dollars, the first profit in its history, although the quarter ended with a net loss of 251.9 million dollars, compared to a 437 million dollar shortfall a year ago.

For Q3, Lyft said it was aiming for revenues of 850 to 860 million dollars, which is a forecast that is considered disappointing, as analysts were more ambitious with the successful vaccination campaign in the US and the reopening of the economy.

The group also said it was short of drivers, despite higher remuneration that it has been offering them for some time now.

As a result, Lyft shares are down over 7% on Wednesday morning in New York. Meanwhile, its competitor Uber, which will publish its results tonight, lost 1.9% in its wake.

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