What's Good for Lyft Is Good for Uber
It seems as if there's more tread on Lyft's (NASDAQ: LYFT) tires than the bears thought. The country's second-largest car-sharing service posted financial results on Wednesday afternoon that exceeded expectations across the board, and that's good news for larger rival Uber (NYSE: UBER) that will post its results after Thursday's market close.
Lyft's revenue soared 72% to hit $867.3 million in the second quarter, well ahead of all 30 analysts that were settling for 60% to 66% top-line growth. No one is buying into Lyft for its bottom-line results these days, but Lyft's adjusted deficit of $0.68 a share was also kinder than what every single Wall Street pro was targeting. Lyft is also jacking up its full-year guidance, essentially completing the Triple Crown of a blowout quarter.
Image source: Lyft.
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