Lyft Beats Q1 Expectations, Forecasts Q2 EBITDA of $95-$100M

May 7, 2024, 08:10 PM

Lyft Inc. reported strong first-quarter earnings, surpassing analysts' expectations with an EPS of $0.15 compared to the predicted $0.06, and revenue reaching $1.26 billion versus the expected $1.16 billion. The ride-hailing company also saw a significant year-over-year increase in gross bookings, up 21% to $3.7 billion, and revenue growth of 28% to $1.3 billion. Despite these gains, Lyft recorded a net loss of $31.5 million, a substantial improvement from the $187.6 million loss in the same quarter the previous year, which includes $87.5 million of stock-based compensation. The CEO stated that Lyft delivered strong top-line growth and had its second consecutive quarter of positive free cash flow. Looking ahead, Lyft has projected higher gross bookings for the current quarter, estimating between $4.0 billion and $4.1 billion, and an adjusted EBITDA of $95 million to $100 million.