Loading...
•
Jun 30, 2020
Lyft Q2 2020 Earnings Report
Lyft's Q2 2020 financial results reflected strong cost management and execution in a challenging environment.
Key Takeaways
Lyft's Q2 2020 revenue was $339.3 million, a 61% decrease year-over-year. The company reported a net loss of $437.1 million, compared to a net loss of $644.2 million in the same period of 2019. Despite the challenges, Lyft saw recovery trends with monthly rideshare rides in July up 78% compared to April and ended the quarter with $2.8 billion of unrestricted cash, cash equivalents and short-term investments.
Q2 revenue was $339.3 million, a 61% decrease year-over-year.
Net loss for Q2 was $437.1 million, improved from a net loss of $644.2 million in Q2 2019.
Lyft reported Contribution for Q2 2020 of $117.3 million versus $398.9 million in the second quarter of 2019.
Lyft reported $2.8 billion of unrestricted cash, cash equivalents and short-term investments at the end of the second quarter of 2020.
Lyft
Lyft
Forward Guidance
Lyft is on track to achieve $300 million of annualized fixed cost savings by the end of the year and is positioned to achieve adjusted EBITDA profitability with 20 - 25% fewer rides than originally contemplated in their fourth quarter 2021 target.
Positive Outlook
- Aggressive actions to reduce costs
- Increase underlying unit economics
- On track to achieve $300 million of annualized fixed cost savings by the end of the year
- Positioned to achieve adjusted EBITDA profitability with 20-25% fewer rides
- Outperforming the outlook shared on the Q1 call by more than 20%