Lyft shares initially soar 11% on record Q2 revenue, raised guidance

Lyft Inc. shares spiked as much as 11% before cooling in the extended session Wednesday after the ride-hailing service reported second-quarter financial results. The company lost $644.2 million in the quarter, or $2.23 a share. Revenue soared 72% year-over-year to a record $867.3 million, and Lyft raised its full-year guidance to between $3.47 billion to $3.5 billion. Analysts surveyed by FactSet had estimated a loss of $1.15 a share on revenue of $810 million. Lyft stock is down slightly since its IPO in March, while the S&P 500 index has gained 15%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.