Uber (UBER), Lyft (LYFT) report strong second-quarter revenue growth

US ride-hailing companies Uber Technologies, Inc. (NYSE: UBER) and Lyft, Inc. (NASDAQ: LYFT) reported a strong topline growth in their second quarter as the economy gradually recovers from the pandemic.

Uber Technologies, Inc.

In the June quarter, Uber’s revenue doubled to US$3.93 billion. Delivery revenue surged 122 percent to US$1.96 billion while mobility revenue climbed 106 percent to US$1.62 billion. Gross bookings during the quarter rose 114 percent year over year to US$21.9 billion.

The San Francisco-based company reported a net income of US$1.14 billion, compared to US$1.77 billion in the year-ago period. The company attributed the net income to unrealized gains of US$1.4 billion from its investment in Chinese ride-sharing company Didi and US$471 million from Aurora.

However, the company recorded an adjusted EBITDA loss of US$509 million in the three months period. This compares with a US$837 million loss in the second quarter of 2020. Uber’s mobility business is profitable, while the food delivery business continues to report a loss.

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Lyft, Inc.

The San Francisco-based company saw a 125 percent year-over-year growth in its revenue to US$765 million during the second quarter. Its active riders almost doubled to 17.14 million.

Lyft narrowed its net loss to US$251.9 million from US$437.1 million loss in the same period the previous year. Adjusted net loss also reduced to US$18 from US$265.8 million in the year-ago quarter.

Meanwhile, the company reported its first quarterly adjusted EBITDA profit of US$23.8 million during the quarter.

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Source: Pixabay

Share performance

Uber has a market cap of US$80.93 billion. The stock fell around 15 percent this year. It was trading between US$28.48 and US$64.05 during the last 52 weeks.

As of 10:39 am ET, Uber shares were up 2.87 percent to US$43.01.

Lyft’s market cap totals US$17.63 billion. Its stocks rose around 7 percent year to date. The shares were in the range of US$21.34 to US$68.28 in the last one year.

As of 10:39 am ET, Lyft’s stock was trading at US$52.60, up 6.20 percent.

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Please note: The above constitutes a preliminary view, and any interest in stocks/cryptocurrencies should be evaluated further from an investment point of view.