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Gross bookings rose 23% to $5.5 billion in the second quarter, but net income of $50.3 million fell short of analyst estimates
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Lyft $LYFT reported record gross bookings in the second quarter as riders and trips climbed, but net income fell short of Wall Street expectations as spending on promotions and incentives surged.
Gross bookings — the total dollar value of transactions on the platform — reached $5.50 billion for the April-through-June period, a 23% increase from the same quarter last year, the company said. Revenue climbed 16% to $1.84 billion. Net income rose 25% to $50.3 million, or 13 cents a share, up from $40.3 million a year earlier.
