Lyft Q1 Revenue Hits $1.28B, Active Riders Reach 21.9M; Beats Forecasts

May 7, 2024, 08:10 PM

Lyft Inc. reported strong first-quarter financial results, surpassing analysts' expectations with an earnings per share (EPS) of $0.15, compared to the expected $0.06. The company's revenue reached $1.28 billion, exceeding the forecast of $1.16 billion. Under new leadership, Lyft has managed to grow its revenue and reduce losses, indicating an effective turnaround strategy. The ride-hailing company also projected higher gross bookings and core profit for the current quarter, driven by increased demand in the US and Canada. Additionally, Lyft's gross bookings rose to $3.7 billion, a 21% increase year-over-year, with a revenue of $1.3 billion marking a 28% increase. The net loss was significantly reduced to $31.5 million from $187.6 million in the same quarter the previous year. Lyft's CEO highlighted the company's strong top-line growth and positive free cash flow for the second consecutive quarter, expressing confidence in achieving the full-year financial goals. Active riders for the quarter were 21.9 million.