Aug 7 (Reuters) - Lyft ( LYFT ) reported

better-than-expected revenue in the second quarter and posted a

net profit for the first time on Wednesday, driven by a booming

ride-share market and company-wide cost cuts last year.

The company's quarterly report, after rival Uber's ( UBER )

strong results on Tuesday, underscores steady demand for

ride-share services buoyed by summertime tourism and as people

step out more for work and leisure events.

"We have solid momentum entering the second half of the

year," Lyft CFO Erin Brewer said.

Revenue rose 41% to $1.44 billion in the quarter ended June

30, beating analysts' consensus estimate of $1.39 billion,

according to LSEG.

Net income was $5.0 million, compared to a $114.3 million

net loss in the previous corresponding period when the company

booked $46.6 million in restructuring-related charges.

Since CEO David Risher took charge last year, Lyft ( LYFT ) has cut

hundreds of jobs, narrowed the firm's losses and managed to keep

fare increases in check. The early efforts fueled a 36% surge in

Lyft ( LYFT ) stock in 2023.

In June, Lyft ( LYFT ) hosted its first-ever investor day and

projected annual gross bookings to grow at a steady 15% rate

through 2027. It has also made a big push in advertising, a high

margin business, with $50 million sales expected this year.

Lyft ( LYFT ) said it saw a record 23.7 million active riders and 205

million rides in the June quarter, helped by events such as

Pride celebrations and college graduations, and wage commitments

for drivers announced earlier this year.

However, Lyft's ( LYFT ) outlook for the current quarter came in

soft.

It forecast gross bookings - the total value of transactions

on the Lyft ( LYFT ) app excluding tips - between $4.0 billion and $4.1

billion, compared to estimates of $4.13 billion.

Adjusted core earnings guidance of $90 million to $95

million also came in below the street target of $104.3 million.