Lyft executed about 187.7 million rides within the first quarter, a rise of 23 % 12 months over 12 months, with gross bookings of practically $3.7 billion, up 21.1 % from a 12 months prior, the corporate reported on Tuesday.
Trip development mirrored “sturdy demand throughout use instances,” Lyft CFO Erin Brewer stated throughout a Tuesday night earnings name. “Progress in early morning commute and weekend night journeys was notably sturdy, which is a continuation of the traits we noticed within the again half of 2023.”
The variety of lively riders within the first quarter had been 21.9 million, up 12 % 12 months over 12 months, “reflecting an enchancment in rider retention together with a rise in new riders,” in line with Lyft.
The corporate additionally had “extra drivers use our platform in Q1 than we have had in about 4 years, and driver hours have returned to 2019 ranges,” Lyft CEO David Risher stated. As well as, “pick-up instances in Q1 had been the quickest they’ve been in 4 years.”
Lyft Q1 Metrics
Lyft reported first-quarter income of practically $1.3 billion, up about 27.7 % 12 months over 12 months, with gross bookings of about $3.7 billion, up 21.1 % from a 12 months prior.
The corporate’s web loss was $31.5 million, in contrast with a lack of $187.6 million in Q1 2023.
Lyft’s outlook for the second quarter of 2024 included gross bookings of $4 billion to $4.1 billion, up 16 % to 19 % 12 months over 12 months, Brewer stated, with an assumption of rides development of about 15 %. Full-year 2024 outlook consists of rides development of mid-teen percentages 12 months over 12 months. Gross bookings are projected to develop barely quicker than rides development.
Lyft This autumn efficiency