Quartz·2 min read·medium
Lyft posted record bookings but heavy promotions spending weighed on profit
✦AI Summary
Lyft reported record gross bookings of $5.5 billion in the second quarter, marking a 23% increase. However, heavy spending on promotional incentives caused net income to fall below analyst expectations.
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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