Ride-hail giant Lyft reported strong second-quarter earnings Thursday. Earlier this year, investors had been skeptical of Lyft’s ability to offset the costs of increased investments to attract and retain drivers. However, Lyft was able to take advantage of severe internal cost-cutting measures combined with a post-COVID boom in travel to help it deliver its highest quarter yet.
Lyft just beat Wall Street revenue expectations, bringing in a second-quarter revenue of $990.7 million, which is up from $765 million in the same quarter of last year. It’s also a 13% quarter-over-quarter increase from Lyft Q1 revenue of $875.6 million.
Net loss for the second quarter saw a spike year-over-year and quarter-over-quarter. Lyft lost $377.2 …
