Lyft Inc. ( LYFT ) shares are trading lower Wednesday following the company’s second-quarter earnings before the market opened today. Here’s what you need to know.

Q2 Earnings Recap:

Revenue: Lyft ( LYFT ) reported revenue of $1.4 billion, up 41% year-over-year.

Adjusted EPS: Lyft ( LYFT ) reported an adjusted EPS of 24 cents, which beat the analyst consensus estimate of 19 cents.

CEO David Risher stated, “In Q2 we delivered and drivers and riders are choosing Lyft ( LYFT ) in record numbers.” CFO Erin Brewer added, “We had a strong second quarter with more than a hundred million dollars in Adjusted EBITDA and we have solid momentum entering the second half of the year.”

Insights from J.P. Morgan: Analysts Doug Anmuth and Neeraj S Kookada from J.P. Morgan provided mixed commentary on Lyft's ( LYFT ) second-quarter results. They noted that while gross bookings were at the low end of the guidance range, EBITDA exceeded expectations.

However, they pointed out that Lyft’s Q3 outlook was lighter than anticipated, with gross bookings guidance of $4.0 billion to $4.1 billion and adjusted EBITDA guidance of $90 million to $95 million, both below consensus estimates.

Price Action: At the time of writing, Lyft ( LYFT ) shares were down 15.4%, trading at $9.27 according to Benzinga Pro.

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