Lyft Q1 EPS $0.15, Beats Estimates; Revenue $1.3B, Bookings Surge to $3.7B

May 8, 2024, 02:00 AM

Lyft Inc. reported strong first-quarter earnings, surpassing analyst expectations with an EPS of $0.15 compared to $0.06 estimated, and a revenue of $1.3 billion, a 28% increase year-over-year, against the expected $1.26 billion. The company also saw gross bookings rise by 21% to $3.7 billion. The improved financial performance is attributed to an increase in ride-hailing demand, particularly in the US and Canada, under the leadership of the new CEO. Lyft's adjusted EBITDA was $59.4 million, ahead of guidance, and the company projects Q2 gross bookings between $4.0 billion and $4.1 billion, with an adjusted EBITDA forecast of $95 million to $100 million.