Lyft Inc. noticed an earnings report and elevated income within the second quarter amid information that the ride-hailing firm laid off roughly 60 staff due to the discontinuation of its first occasion rental service.

The San Francisco-based firm stated in its second-quarter earnings report Thursday that income rose 30 % to $990.7 million, however earnings plunged to a lack of $377.2 million. Lyft stated the loss included $179.1 million of stock-based compensation and payroll tax bills.

Adjusted web earnings soared by 358 % to $46.4 million. Adjusted earnings earlier than curiosity, taxes, depreciation and amortization surged by over 43 % to $79.1 million, the best within the firm’s historical past.

“In mid-Q2 we revised our working plan, we pulled again on discretionary spending and considerably slowed hiring, we re-prioritized R&D initiatives and reorganized groups to make sure laser give attention to driving worthwhile development,” CEO Logan Inexperienced stated in a Thursday afternoon cellphone name to buyers. “Our Q2 efficiency demonstrates our continued capability to navigate unsure working environments and ship robust outcomes.”

Inexperienced stated the corporate anticipates ride-hailing volumes will meet or exceed pre-pandemic ranges over the medium time period.

Uber Applied sciences Inc., Lyft’s major competitor, noticed income greater than double and web earnings swing to a loss in its second-quarter earnings report launched Tuesday. Equally to Lyft, $1.7 billion of Uber’s second-quarter loss was associated to Uber’s fairness investments.

Shares of Lyft had been up 4.1 % to $17.39 when the market closed Thursday.