Business

Second-quarter earnings of Uber and Lyft - ups and downs

While Uber's stocks scored below expectations, Lyft left Wall Street more satisfied

The two worldwide ride-hailing giants, Uber and Lyft, ended this last quarter with quite different results, after quarterly results released by the companies. While Uber did not perform as per the market’s expectations, only reaching  $2.87 billion instead of the $3.05 billion expected in revenues; Lyft reached $867 million for Q2, compared to the $505 million in the same period of 2018.

But more than quarter results alone, what caught Wall Street’s attention – and satisfied investors – was Lyft’s optimism regarding Q3 and its results for the entire year, as reported by TechCrunch.

“We remain focused on reshaping transportation and we are pleased with the continued improvement in market conditions. This environment along with our execution is translating to strong revenue growth and sales and marketing efficiencies. As a result of this positive momentum, we anticipate 2019 losses to be better than previously expected and we are pleased to have updated our outlook,” Lyft CEO Logan Green said in a statement.

Uber, on the other hand, saw its stocks drop as much as 12%, after releasing its quarter results, and registered a $5.24 billion in net loss – but the company was expecting some losses, since it had spent on compensation to employees related to Uber’s IPO earlier this year, according to Business Insider. “While we will continue to invest aggressively in growth, we also want it to be healthy growth, and this quarter we made good progress in that direction,” Nelson Chai, Uber’s CFO, said in a press release.