In early Wednesday trading, Lyft (NASDAQ:LYFT) shares dropped by nearly 10%, even though the company surpassed Q2 Street expectations and offered more optimistic guidance than anticipated. Despite an initial uptick in shares, they dipped following reserved remarks from the management.
Lyft’s adjusted EPS stood at $0.16, surpassing the expected loss of $0.01 per share for the quarter. With a revenue of $1.02 billion, it aligned with the consensus estimate. Active rider numbers climbed by 8.2% to reach 21.5 million.
For the third quarter, Lyft projects revenues ranging from $1.13 billion to $1.15 billion, outpacing Wall Street’s predictions. For Q3, Lyft anticipates its adjusted EBITDA to lie between $75 million and $85 million.