Premium rides, airport travel, higher average booking values, partnerships and FreeNow integration helped lift second-quarter revenue and record gross bookings, while Lyft forecast third-quarter bookings of up to $5.67 billion.
Lyft reported second-quarter revenue of $1.84 billion, up 16% and above Wall Street's $1.81 billion estimate, while gross bookings rose 23% to a record $5.50 billion, beating the $5.36 billion forecast. Adjusted core profit increased 37% to $177.2 million, ahead of estimates of $171.9 million. Lyft projected third-quarter gross bookings of $5.5 billion to $5.67 billion, compared with Wall Street expectations of $5.57 billion, helped by demand for premium rides, airport trips and chauffeur offerings, higher average ride values, partnerships and European expansion through FreeNow by Lyft. Shares later rose about 6% in extended trading after the results.