LYFT Inc. (NASDAQ:LYFT) +15.8% shares are trading higher on Tuesday in sympathy with Uber Technologies Inc (NYSE:UBER) +1.99%, whose top-line earnings were better than expected and who reported substantial growth in gross booking year-over-year.
According to information obtained from Benzinga Pro, Uber Technologies Inc (NYSE:UBER) said its revenue for the second quarter increased by 105% year over year to $8.1 billion, which was more than the projection of $7.39 billion.
The ride-hailing business announced a quarterly net loss of $2.6 billion, which included a net headwind related to equity investments of $1.7 billion. This was principally caused by unrealized losses linked to the revaluation of Uber Technologies Inc (NYSE:UBER)’s shares in Aurora, Grab, and Zomato.
Uber Technologies Inc (NYSE:UBER) said its gross bookings for the quarter reached an all-time high of $29.1 billion, reflecting a growth of 33% year-over-year.
For Uber Technologies Inc, gross bookings for the third quarter are projected to fall between $29 and $30 billion (NYSE:UBER). It is anticipated that the adjusted EBITDA for the third quarter would fall somewhere between $440 million and $470 million.
The Lyft app serves as a connection point between riders and drivers, making it the second-largest ride-hailing service provider in the United States. On August 4, after the market has closed, the firm is expected to release the financial results for the year’s second quarter.
LYFT (NASDAQ:LYFT) Price Action – Has reached a high of $46.64 over the past 52 weeks and a low of $11.96 during the same period.
At the time of writing, the share price had increased by 7.27%, reaching $14.91.
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