Lyft CEO Logan Green. Photo credit: JD Lasica on Flickr, under Creative Commons license

Ride-hailing company Lyft has announced its financial results for the second quarter of 2020, reporting $339 million in revenue, down 61% year-over-year primarily due to the coronavirus pandemic. Losses for the quarter amounted to $437 million, compared to $644 million in the same quarter last year. The losses include $111 million due to stock-based compensation and related tax expenses. Lyft now counts about 8.7 million active riders on its platform, down from nearly 22 million as of the second quarter of last year. The average revenue per rider stayed flat at about $39.

San Francisco-based Lyft ended the quarter with $2.8 billion in cash on its balance sheet.