Lyft reported second-quarter results late Thursday that topped Wall Street estimates on the top and bottom lines. Lyft stock surged on the news.
The provider of ride-sharing services reported adjusted earnings of 13 cents a share on revenue of $991 million. Analysts expected Lyft to report a loss of four cents a share on revenue of $989 million, according to FactSet.
Lyft stock bolted 7.5% to 18.70, during after-hours trading on the stock market today.
Revenue jumped 30% from the year-ago period and 13% from the prior quarter.
Lyft said active riders grew 12% from last year to 19.9 million. That is Lyft's highest number of riders since the pandemic began, it said.
Lyft Stock: 'Massive Addressable Market'
"It's clear consumer transportation is a good long-term business with a massive addressable market," Chief Executive Logan Green said in written remarks with the Lyft earnings release.
Chief Financial Officer Elaine Paul added: "We are confident in our ability to continue navigating macroeconomic headwinds and deliver strong long-term business results."
Lyft stock is down about 60% this year.
Lyft's main rival, Uber Technologies, reported second-quarter results early Tuesday that also came in ahead of analyst views.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
