Lyft’s stock gets whiplash after strong earnings are dampened by lockup news

Lyft investors briefly went wild this afternoon after the company reported that it did not lose as much money as analysts had anticipated.

The ride-hailing firm reported a second-quarter loss per share of 68 cents (adjusted), compared to a consensus estimate of $1.74 per share cited by CNBC. Revenue for the quarter was exceptionally strong at $867 million, versus estimates of $809 million. That’s a 72% increase over the same period last year.

Shares of Lyft skyrocketed 13% in after-hours trading but fell quickly back down to Earth upon the news that share lockups are expiring on August 19, compared to a later date in September that was previously announced. Lyft’s stock has generally struggled to get out of first gear since its market debut earlier this year. Nevertheless, the company released some strong guidance today, saying it may break even earlier than expected.

Here are the key numbers from Lyft’s second-quarter 2019 report:

Revenue: $867 million, up 72%
Net loss: $644.2 million, versus $178.9 million last year
Adjusted net loss: $197.3 million, versus $176.5 million last year
Active riders: 21.8 million, up 44%
Revenue per active rider: $39.77, up 22%

You can check out the full report here. Lyft’s rival Uber is due to release its earnings after the closing bell tomorrow.