By Syndicated Content
By Tina Bellon and Akanksha Rana
(Reuters) â Lyft Inc on Tuesday posted an adjusted quarterly profit three months ahead of target as it kept costs down while rides rebounded.
The company made an adjusted profit before interest, taxes, depreciation and amortization for the first time in its nine-year history. For the three months ending in June it posted adjusted earnings of $23.8 million. The adjustments exclude one-time costs, primarily stock-based compensation, which drove a $252 million net loss.
Shares rose 6.5% in after-hours trading following the announcement. Shares of Uber Technologies Inc rose more 2.7%, as the Lyft results raised expectations for its larger rival, which releases its own quarterly report on Wednesday.
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