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Lyft earnings Q2 2022: driver incentives pay off
Business Analyst

Lyft earnings Q2 2022: driver incentives pay off

August 5, 20222 min read Keli W. Rodriguez

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Lyft’s cost-trimming measures amid rising inflation and a potential economic slowdown are paying off, the company said on Thursday.

The ride-hailing firm also reported adjusted EBITDA, which excludes some items, of $79.1 million, which was its highest earnings in history. Still, Lyft reported a net loss of $377.2 million, which is wider than the same quarter a year ago.

Lyft announced in late May that it would slow hiring and assess budget cuts as the broader tech sector began to rein in costs due to macroeconomic concerns. Last month, the company also laid off about 60 employees and shuttered its car-rental business.

“We are taking a prudent approach to managing our business,” Lyft CFO Elaine Paul said on the company’s conference call with investors. “First, like many companies, we are keeping a close eye on consumer behavior. Even in a recessionary environment, transportation is a historically durable category of consumer spending.”

The company also offers a range of transportation options, from bikes to shared rides to priority pick-ups, which could attract a wider base of users.

For the second quarter, Lyft reported revenue of $991 million, which beat Wall Street estimates and is up 30% year-over-year and 13% from the first quarter.

Lyft said it expects revenue between $1.04 billion and $1.06 billion in its third quarter, which would imply growth between 5% and 7% over the current quarter. The company also anticipates Q3 adjusted EBITDA of $55 million to $65 million.

Lyft also reported a gain in active riders to reach 19.9 million, its highest number of riders since the COVID-19 pandemic began. That’s in line with analyst expectations. Revenue per active rider was also its second highest on record at $49.89.

A key item for the company was figuring out how to spend intentionally on driver incentives.

Investors became spooked when Lyft reported its first-quarter results and warned it would spend more on driver incentives in Q2. But those incentives look to be paying off. Lyft said that it’s still on track for its rideshare volumes to reach and exceed pre-COVID-19 levels.

Lyft CEO Logan Green said the company’s number of total active drivers is the highest it’s been in two years. More than half of its new drivers in Q2 were also organic signups. Some drivers could also be supplementing their income with gig work in an effort to offset rising inflation.



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Business Analyst

Affirm a Main Player in Buy Now Pay Later. Rising Rates Pose Risk, Analyst Says.

August 5, 20223 min read Keli W. Rodriguez

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PayPal and Apple have also joined or showed interest in joining the BNPL space.


Gabby Jones/Bloomberg

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Amazon Business Login, Amazon Business Prime, Bank Of America Business Account, Best Business Schools, Business Attorney Near Me, Business Bank Account, Business Card Holder, Business Card Maker, Business Card Template, Business Cards Near Me, Business Casual Attire, Business Casual Shoes, Business Casual Woman, Business Plan Examples, Ca Business Search, Ca Sos Business Search, Capital One Business Credit Card, Chase Business Checking, Chase Business Credit Cards, Chase Business Customer Service, Chase Business Login, Chase Business Phone Number, Cheap Business Cards, Citizens Business Bank, Cox Business Login, Digital Business Card, Facebook Business Suite, Finance In Business, Free Business Cards, Google Business Login, Harvard Business School, Lands End Business, Massage Parlor Business Near Me, Michigan Business Entity Search, Mind Your Business, Mind Your Own Business, Ohio Business Search, Risky Business Costume, Skype For Business, Small Business Loan, Small Business Saturday 2021, Starting A Business, Texas Business Entity Search, Triumph Business Capital, Vending Machine Business, Verizon Business Customer Service, Vonage Business Login, Wells Fargo Business Account, Yahoo Small Business, Yahoo Small Business Login
Why Your Sales Funnel Strategy Isn’t Converting Today’s Modern Buyer
Business Analyst

Why Your Sales Funnel Strategy Isn’t Converting Today’s Modern Buyer

July 18, 20227 min read Keli W. Rodriguez

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A sales funnel and sales strategy have long gone together like peanut butter and jelly, macaroni and cheese, and bacon and eggs.

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Business Analyst

Deutsche Bank upgrades Costco to buy, says club business model will outperform in uncertain economy

July 17, 20222 min read Keli W. Rodriguez

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Costco makes sense for investors and consumers during a time of economic turmoil, according to Deutsche Bank. Analyst Krisztina Katai upgraded the retail stock to buy from hold, saying in a note to clients that Costco appears poised to outperform its peers. “COST is one of the most consistent operators in our group, and its steady traffic gains and high membership renewal rates serve as key differentiators in an increasingly uncertain backdrop,” Katai wrote. Costco’s annual membership fee sets it apart from many other retail and grocery chains, giving it another source of revenue. In an interview with CNBC’s ” Squawk on the Street ” on Monday, Costco CEO Craig Jelinek said that hiking the membership fee was ” not on the table .” With the fee stable, investors can use Costco to help offset the impact of inflation, according to Deutsche Bank. “We see meaningful share gains ahead for COST as consumers increasingly flock to warehouse clubs to consolidate trips, purchase in bulk for better pricing, and fill up their cars with lower priced gas,” Katai wrote. Deutsche Bank hiked its price target for Costco to $579 per share from $525. The new target is more than 17% above where the stock closed on Wednesday. The stock is down 13% year to date. — CNBC’s Michael Bloom contributed to this report.

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Amazon Business Login, Amazon Business Prime, Bank Of America Business Account, Best Business Schools, Business Attorney Near Me, Business Bank Account, Business Card Holder, Business Card Maker, Business Card Template, Business Cards Near Me, Business Casual Attire, Business Casual Shoes, Business Casual Woman, Business Plan Examples, Ca Business Search, Ca Sos Business Search, Capital One Business Credit Card, Chase Business Checking, Chase Business Credit Cards, Chase Business Customer Service, Chase Business Login, Chase Business Phone Number, Cheap Business Cards, Citizens Business Bank, Cox Business Login, Digital Business Card, Facebook Business Suite, Finance In Business, Free Business Cards, Google Business Login, Harvard Business School, Lands End Business, Massage Parlor Business Near Me, Michigan Business Entity Search, Mind Your Business, Mind Your Own Business, Ohio Business Search, Risky Business Costume, Skype For Business, Small Business Loan, Small Business Saturday 2021, Starting A Business, Texas Business Entity Search, Triumph Business Capital, Vending Machine Business, Verizon Business Customer Service, Vonage Business Login, Wells Fargo Business Account, Yahoo Small Business, Yahoo Small Business Login

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Lyft earnings Q2 2022: driver incentives pay off
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