Lyft will allow its employees and other shareholders to sell stock more than a month earlier than expected, the company said on Wednesday.
On Aug. 19, about $15 billion worth of shares in Lyft—nearly all its outstanding shares—will be released from IPO-related lockup restrictions, the company said, moving up the timetable from the original lockup release date of Sept. 24. That means the stock price could become more volatile or fall as some earlier employees and investors cash out. Lyft’s stock price has been trading at around $60 per share, far below its $72-per-share IPO price.
Lyft said second-quarter revenue jumped 72% while losses rose by 12% compared to the second quarter of last year, excluding what it deems one-time expenses. Lyft also burned a lot less cash from operations and capital expenditures—$28 million, down from $40 million a year ago.
Both the top-line and bottom-line figures were better than the second-quarter projection Lyft provided to investors one quarter ago. There was an added bonus: Lyft lowered its expected full-year loss by about 25% and raised its expected full-year revenue by 6%. Lyft’s performance could bode well for Uber’s prospects, given that Uber’s market share in the U.S. is more than double that of Lyft. Uber reports second-quarter earnings on Thursday.