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Lyft posts adjusted profit ahead of target, but warns of driver shortage, Delta threat


Lyft posts adjusted profit ahead of target, but warns of driver shortage, Delta threat
By Tina Bellon and Akanksha Rana
Reuters
(Reuters) -Lyft Inc on Tuesday posted an adjusted quarterly profit three months ahead of target, seizing on a leaner cost structure as rides rebounded, but it warned of ongoing driver shortages and the spread of the Delta coronavirus variant.
The company reported adjusted earnings before interest, taxes, depreciation and amortization for the first time in its nine-year history, and said it would remain profitable on that basis going forward.
Lyft shares initially gained 6% in after-hours trading following the announcement but pared gains when executives said during the company s earnings call that revenue per ride was expected to decrease on a sequential quarterly basis. ....

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Lyft posts adjusted profit three months ahead of target as rides rebound


By Syndicated Content
By Tina Bellon and Akanksha Rana
(Reuters) – 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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