The ranks of Lyft’s Active Riders increased by over 3.6 million from the prior quarter — demand for the ridesharing platform continued to rise even as reported COVID case counts were on the uptick.
Brian Roberts, Lyft’s chief financial officer, noted that the year-over-year revenue for this quarter came out to 125 percent higher, with Lyft reporting revenue of $765 million for Q2 this year. That was also an increase from $609 million in the first quarter of 2021.
Roberts also said that the company had achieved Adjusted EBITDA profitability. The release notes that the EBITDA came out to $23.8 million.
“At the same time, drivers shared in this outperformance with record hourly earnings,” Roberts said.
“We had a great quarter. We beat our outlook across every metric and we have growing momentum,” said Logan Green, cofounder and chief executive officer of Lyft. “Since our inception, we’ve worked hard to defy the odds with a deep belief in our mission. We’ve consistently innovated and made big bets and this is just the beginning. We want to improve people’s lives with the world’s best transportation and we will continue working to deliver on this goal.”
In July, driver earnings were still growing even as the COVID-19 Delta variant surged, the release added.
One of Lyft’s projects as of late has been the reintroduction of shared rides, which were always its lowest-cost option, as COVID restrictions were first being eased earlier this year. The new versions were rolled out in Philadelphia, Chicago and Denver.
More on this: Lyft Rolls Out Modified Shared Rides
There will be a new feature allowing users to request a shared ride ahead of time, within five to 10 minutes, 15 to 30 minutes or whenever a driver is available.
The drivers, as such, will have access to more utilization and less downtime, along with more savings opportunities.
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