Lyft posts sustained profit on cost cuts, upbeat demand

Lyft Inc posted better-than-expected profits on Tuesday. More so, it pledged to deliver dependable and seasonally adjusted profits in the third quarter as cost reduction allowed the company to earn more.

For five consecutive days, Lyft’s shares declined a total of 11%. They regained momentum to trade 5.2% higher during their after-hours trading on Tuesday.  The company then posted an adjusted $73 million first-quarter decline. This came ahead of interests, taxes, depreciation, and amortization.

The figure came lower than the $144 million loss predicted by analysts, data from Refinitiv showed. The upbeat reading followed after the company staged a strong rebound from coronavirus-related restrictions. More so, it projected an upbeat third-quarter outlook as Americans engaged in travel activities after being fully vaccinated against the coronavirus.