Lyft: losses less than expected; stock up
(CercleFinance.com) - Yesterday evening Lyft reported a less than expected loss in its second quarter, performance that led to its share rising over 2% on the New York Stock Exchange today.
The operating loss of Uber's main competitor over April to June was limited to 204 million dollars, compared to 190.5 million dollars a year ago.
Meanwhile, its revenues jumped 72% year-on-year to 867 million dollars, 8% above the consensus.
Based on these performances, the group says that it now expects to report an operating loss of under one billion dollars this year (850 million to 875 million dollars, vs. a previous estimate range of 1.15 billion to 1.175 billion dollars).
This improvement convinced Wedbush analysts to upgrade their rating on the stock from "neutral" to "outperform".
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The operating loss of Uber's main competitor over April to June was limited to 204 million dollars, compared to 190.5 million dollars a year ago.
Meanwhile, its revenues jumped 72% year-on-year to 867 million dollars, 8% above the consensus.
Based on these performances, the group says that it now expects to report an operating loss of under one billion dollars this year (850 million to 875 million dollars, vs. a previous estimate range of 1.15 billion to 1.175 billion dollars).
This improvement convinced Wedbush analysts to upgrade their rating on the stock from "neutral" to "outperform".
Copyright (c) 2019 CercleFinance.com. All rights reserved.