Lyft’s adjusted EBITDA grew to a historic high of $79.1 million in the second quarter of 2022, exceeding the company’s outlook. Adjusted EBITDA increased by $55.3 million, up 232%, from one year ago and by $24.3 million from the first quarter of this year.
“We leaned in hard in Q2, and the team did fantastic work to drive strong results,” says Logan Green, the ride-sharing company’s co-founder and CEO. “We generated the highest adjusted EBITDA in our company’s history and saw COVID highs for active riders, drivers and rides.”
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Lyft almost doubled its adjusted net income, from $24.6 million in the first quarter of this year to $46.4 million in the second quarter. That figure also rose from $18 million one year ago.
The company grew its revenue 13% from the first quarter of this year, and 30% year-over-year, to $990.7 million.
Net loss for the San Francisco-based ride-share company was $377.2 million for the quarter ended June 30, 2022, up from the $251.9 million net loss during the same period last year and $196.9 million net loss in first quarter of this year.
Founded in 2012, Lyft reported $1.8 billion of unrestricted cash, cash equivalents and short-term investments at the end of the second quarter of 2022.