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Lyft Q2 Loss Narrows, But Revenues Plunge 61%

Ride-hailing company Lyft Inc. (LYFT), Wednesday reported a second-quarter loss that narrowed from last year, but was wider than Wall Street analysts' expectations. Meanwhile, revenues for the quarter plunged 61% hurt largely by coronavirus pandemic.

San Francisco, California-based Lyft's second-quarter loss narrowed to $437.1 million or $1.41 per share from $644.2 million $2.23 per share last year. On average, 18 analysts polled by Thomson Reuters estimated loss of $0.99 per share for the quarter. Analysts' estimates typically exclude one-time items.

Lyft's revenues for the quarter plunged 61% to $339.3 million from $867.3 a year ago. Analysts had a consensus revenue estimate of $336.77 million for the quarter.

"While rideshare rides in the quarter were down significantly year-over-year, we are encouraged by the recovery trends we are beginning to see, with monthly rideshare rides in July up 78% compared to April," said Logan Green, co-founder and chief executive officer of Lyft.

Active riders in the second quarter dropped 60%, while revenue per active rider decreased 2%.

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