Lyft earnings report: Lyft posts record bookings, but higher promotions fuel profit miss

Lyft beat revenue estimates for the second quarter on Thursday as record bookings reached $5.50 billion. However, higher spending on rider incentives caused net income to miss expectations. CFO Erin Brewer said, "what you're seeing really is an increase on a year-over-year basis is rider incentives." Marketing expenses surged 68% overall.