Several Stocks Get A $LYFT
This title initially worked when Lyft was up 9% after hours, but now we’re at an impasse with it flipping to -9%. So, let’s start with Lyft earnings and then recap some of the other biggest movers to the upside. 👀
Ridesharing company Lyft reported second-quarter revenue growth of 3% and adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $41 million. Both topped estimates, but investors are concerned about the YoY revenue decline per active rider. The company says it is cutting prices for riders to capture market share from rival Uber and forecasted third-quarter revenues and adjusted EBITDA ahead of analyst estimates. $LYFT shares initially popped on the results but faded sharply into the red after hours. 🚗