After the rush of the advertising-based internet firms reporting blockbuster growth, we’re coming down to earth this week with the ride-sharing companies Lyft and Uber reporting their second-quarter results. The verdict, at least so far: meh.
Lyft went first today, reporting 125% growth in revenue from last year’s pandemic-crushed second quarter. That’s not as impressive as it sounds. With revenue of $765 million, Lyft’s top line was 12% smaller than in the second quarter of 2019, which is the only real comparison. Most importantly, the number of riders was 21% lower than the period two years ago.