Lyft Inc. (NASDAQ: LYFT | LYFT Price Prediction) released second-quarter financial results after markets closed Wednesday. The ride-share firm said that it had a net loss of $0.86 per share and $339.3 million in revenue, which compared with consensus estimates that called for a net loss of $0.99 per share and $336.77 million in revenue. The same period from last year had a net loss of $2.23 per share and $867.26 million in revenue.
During the quarter, active riders decreased 60% year over year to 8.69 million, down from 21.81 million in the same period last year. Revenue per active rider is down 2% to $39.06, a decrease from $39.77.
Lyft reported $2.78 billion of unrestricted cash, cash equivalents and short-term investments at the end of the second quarter, versus $358.32 million at the end of the previous fiscal year. In May, Lyft issued $747.5 million aggregate principal amount of 1.50% convertible senior notes due 2025. The net proceeds from this offering were roughly $733.2 million.
In April 2020, Lyft announced a restructuring effort to reduce operating expenses and adjust cash flows. The restructuring charges in the second quarter included $32.1 million of severance and related employee benefit costs and $3.1 million of lease terminations and other costs. Lyft also incurred a stock-based compensation benefit primarily related to the reversal of previously recognized stock-based compensation expenses for unvested awards of $49.8 million, resulting in a net restructuring benefit of $14.5 million.
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The company did not offer any guidance for the third quarter. However, consensus estimates are calling for a net loss of $0.61 per share and $610.37 million in revenue for the coming quarter.
Shares of Lyft closed Wednesday at $30.52, with a 52-week range of $14.56 to $57.23. The consensus analyst price target is $42.01. Following the announcement, the stock was up 2.5% to $31.27 in the after-hours session.
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