Lyft's active riders reached 17.1 million in the second quarter. AFP
Lyft's active riders reached 17.1 million in the second quarter. AFP
Lyft's active riders reached 17.1 million in the second quarter. AFP
Lyft's active riders reached 17.1 million in the second quarter. AFP

Lyft narrows second-quarter loss as revenue rebounds 125%


Alkesh Sharma
  • English
  • Arabic

California-based Lyft narrowed its second-quarter net loss to $251.9 million from $437.1m in the same period last year, beating analysts’ expectations.

The popular ride-sharing company recorded an increase in the number of active riders, perhaps a result of many US cities lifting Covid-19 restrictions.

Revenue increased by 125.5 per cent to $765m, about $425.7m more than in the same period a year ago. It was about 26 per cent up on a quarterly basis and $68.1m more than the Refinitiv forecast.

We beat our outlook across every metric and we have growing momentum
Logan Green,
Lyft's co-founder and chief executive

Founded in 2012, the company has strongly rebounded from the 2020 second quarter, which was badly affected by the Covid-induced lockdowns across the US and Canada.

“We have consistently innovated and made big bets and this is just the beginning," said Lyft's co-founder and chief executive Logan Green.

Lyft’s stock rose briefly in after-hours trading and drivers shared in the outperformance with record hourly earnings, according to the company.

Lyft's active riders topped 17.1 million in the second quarter, about 97.3 per cent, or 8.5 million more than the same period last year. It had 13.49 million active riders in the first quarter.

Revenue per active rider rose by about 14.4 per cent to $44.6 in the second quarter.

Lyft’s net loss for the April-June fiscal period includes $207.8m of stock-based compensation and payroll-related tax expenses. It also included more than $20m expense related to car insurance liabilities.

Net loss margin for the second quarter was 32.9 per cent, compared with 128.8 per cent in the same quarter last year.

The company also reported about $2.2 billion of unrestricted cash, cash equivalents and short-term investments at the end of the three-month period on June 30.

Last month, Lyft joined forces with car maker Ford and self-driving technology company Argo AI to unveil 1,000 self-driving vehicles on Lyft’s ride-hailing network in various cities in several markets over the next five years.

As per the agreement, they will use self-driving cars, although backup safety drivers will also be on board, with passenger rides beginning in Miami later this year and in Austin in 2022.

Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

11 cabbie-recommended restaurants and dishes to try in Abu Dhabi

Iqbal Restaurant behind Wendy’s on Hamdan Street for the chicken karahi (Dh14)

Pathemari in Navy Gate for prawn biryani (from Dh12 to Dh35)

Abu Al Nasar near Abu Dhabi Mall, for biryani (from Dh12 to Dh20)

Bonna Annee at Navy Gate for Ethiopian food (the Bonna Annee special costs Dh42 and comes with a mix of six house stews – key wet, minchet abesh, kekel, meser be sega, tibs fir fir and shiro).

Al Habasha in Tanker Mai for Ethiopian food (tibs, a hearty stew with meat, is a popular dish; here it costs Dh36.75 for lamb and beef versions)

Himalayan Restaurant in Mussaffa for Nepalese (the momos and chowmein noodles are best-selling items, and go for between Dh14 and Dh20)

Makalu in Mussaffa for Nepalese (get the chicken curry or chicken fry for Dh11)

Al Shaheen Cafeteria near Guardian Towers for a quick morning bite, especially the egg sandwich in paratha (Dh3.50)

Pinky Food Restaurant in Tanker Mai for tilapia

Tasty Zone for Nepalese-style noodles (Dh15)

Ibrahimi for Pakistani food (a quarter chicken tikka with roti costs Dh16)

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
The lowdown

Rating: 4/5

Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

COMPANY PROFILE
Name: Airev
Started: September 2023
Founder: Muhammad Khalid
Based: Abu Dhabi
Sector: Generative AI
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
 
MATCH INFO

Rajasthan Royals 158-8 (20 ovs)
Kings XI Punjab 143/7 (20 ovs)

Rajasthan Royals won by 15 runs

How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less

Anna and the Apocalypse

Director: John McPhail

Starring: Ella Hunt, Malcolm Cumming, Mark Benton

Three stars

COMPANY PROFILE

Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar

Based: Dubai, UAE

Founded: 2014

Number of employees: 36

Sector: Logistics

Raised: $2.5 million

Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE

RESULTS

6.30pm Al Maktoum Challenge Round-1 Group One (PA) US$65,000 (Dirt) 1,600m

Winner RB Money To Burn, Fabrice Veron (jockey), Eric Lemartinel (trainer).

7.05pm Handicap (TB) $175,000 (Turf) 1,200m

Winner Ekhtiyaar, Jim Crowley, Doug Watson.

7.40pm UAE 2000 Guineas Trial Conditions (TB) $100,000 (D) 1,600m

Winner Commanding, Richard Mullen, Satish Seemar.

8.15pm Singspiel Stakes Group Two (TB) $250,000 (T) 1,800m

Winner Benbatl, Christophe Soumillon, Saeed bin Suroor.

8.50pm Handicap (TB) $135,000 (T) 1,600m

Winner Zakouski, William Buick, Charlie Appleby.

9.25pm Al Maktoum Challenge Round-1 Group Two (TB) $350,000 (D) 1,600m

Winner Kimbear, Pat Dobbs, Doug Watson.

10pm Dubai Trophy Conditions (TB) $100,000 (T) 1,200m

Winner Platinum Star, Christophe Soumillon, Saeed bin Suroor.

10.35pm Handicap (TB) $135,000 (T) 1,600m

Winner Key Victory, James Doyle, Charlie Appleby.

Hamilton’s 2017

Australia - 2nd; China - 1st; Bahrain - 2nd; Russia - 4th; Spain - 1st; Monaco - 7th; Canada - 1st; Azerbaijan - 5th; Austria - 4th; Britain - 1st; Hungary - 4th; Belgium - 1st; Italy - 1st; Singapore - 1st; Malaysia - 2nd; Japan - 1st; United States - 1st; Mexico - 9th

UAE currency: the story behind the money in your pockets
Updated: August 04, 2021, 5:08 AM