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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.
Lyft's Key Business Metrics
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.
Read management/analysts’ comments on quarterly reports
“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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Broadcom, Inc. (NASDAQ: AVGO) reported stronger-than-expected earnings and revenues for the third quarter of 2022. The chipmaker’s stock gained Thursday evening following the announcement. Net profit was $9.73 per share
Shares of Hormel Foods Corp. (NYSE: HRL) were down 7% on Thursday after the company delivered mixed results for its third quarter of 2022. While sales beat estimates, earnings fell
IPO activity has started gaining steam after falling significantly in the first half, in line with the global trend, but it is unlikely to match last year’s record highs. While
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