Shares in Lyft Inc. remained flat in after-hours trading today after the ride-hailing firm reported strong quarterly growth but lower than expected guidance.

For the quarter ending June 30, Lyft reported revenue of $765 million, up from $339.3 million in the second quarter of 2020 and from $609 million in the previous quarter. The improved numbers were due to growing demand amid a recovery from the COVID-19 pandemic.

Adjusted earnings before interest, taxes, depreciation and amortization came in at $23.8 million, the first time Lyft has reported an EBITDA profit.

Analysts had been expecting revenue of $700.73 million on an EBIDTA loss of $40.25 million.

Lyft’s first adjusted profit was just that – adjusted, with a net loss in the quarter coming in at $251.9 million versus $437.1 million year-over-year. The number was still better than expected, with analysts having predicted a figure of $280.3 million.

The quarterly metrics were strong across the board. Active riders came in at 17.14 million, up 97.3% from the same quarter in 2020 and up from 13.49 million in the first quarter. Revenue per active rider came in at $44.63, up 14.3% from $39.06 year-over-year but notably slightly down from $45.13 in the previous quarter.

“We had a great quarter. We beat our outlook across every metric and we have growing momentum,” Logan Green, co-founder and chief executive officer of Lyft said in a statement. In a later earnings call, Green noted that adjustments made by the company had delivered strong results. “The fact that we achieved adjusted EBITDA profitability two full quarters earlier than we initially expected is clear evidence of this fact,” Green added.

While not providing forward estimates in its earnings statement, Lyft Chief Financial Officer Brian Roberts did provide guidance in the earnings call.

Roberts said that Lyft expects revenue of between $850 million and $860 million in the third quarter but noted that new driver bonuses and declining prices will cost the company between $30 million to $40 million. While not giving a solid number, Roberts said that having achieved EBITDA profitability, the company expected to maintain this in the quarter.

According to MarketWatch, analysts had been predicting a figure of $869.1 million.

The stronger than expected revenue in the second quarter but weaker than expected guidance is reflected in Lyft’s share price. In after-hours trading, Lyft shares were up only 0.36% to be sitting at $55.58 as of 8 p.m. EDT.

Photo: Unsplash