Today after the bell, U.S. ride-hailing company Lyft reported its second quarter financial performance. In aggregate the company’s performance was a rebound from the year-ago second quarter, which was heavily impacted by the onset of the COVID-19 pandemic and resulting lockdowns in the United States.
Lyft also managed to produce positive adjusted EBITDA in the quarter, a profit metric favored by technology upstarts that have yet to generate net income, a stricter method of calculating profitability. Adjusted EBITDA for the second quarter was $23.8 million.
Company executives relished in hitting the milestone during the earnings call Tuesday. “This quarter we crossed a milestone that we’ve had our sights on