Lyft Reports Strong Q2 Performance

By Bobby Samwell • Wednesday, August 07 08:08 • Permanent Link

Lyft, Inc. (NASDAQ: LYFT) has reported its financial results for the second quarter ended June 30, 2024, and the figures point to a strong performance. The company achieved a gross bookings figure of $4.0 billion, marking a 17% increase compared to the same period last year. Revenue also saw a significant surge, reaching $1.4 billion, which represents a 41% year-over-year growth.

One of the most significant highlights is the company's net income, which stood at $5.0 million. This is a remarkable improvement from the net loss of $(114.3) million in the second quarter of 2023. Additionally, the adjusted EBITDA for the second quarter of 2024 reached $102.9 million, a substantial leap from the $41.0 million reported in the second quarter of the previous year.

Lyft also exhibited impressive growth in its operational metrics. The company reported an all-time high of 23.7 million active riders, marking a 10% increase year-over-year. The total number of rides also hit a record high at 205 million, reflecting a 15% year-over-year growth. Moreover, the company welcomed the most new drivers in any quarter since 2019, with driver hours reaching an all-time high.

In terms of specific market performances, Lyft's operations in Canada stood out, with rides doubling in the second quarter compared to the same period last year. Notably, Toronto grew to become the company's 8th largest market.

Looking ahead, Lyft provided its outlook for the third quarter of 2024, with expected gross bookings of approximately $4.0 billion to $4.1 billion and adjusted EBITDA in the range of $90 million to $95 million. The company also offered directional commentary for the full year 2024, anticipating mid-teens year-over-year growth in rides and slightly faster growth in gross bookings. Additionally, Lyft expects an adjusted EBITDA margin of approximately 2.1% for the full year and remains on track to generate positive free cash flow for the year.

As a result of these announcements, the company's shares have moved 3.8% on the market, and are now trading at a price of $10.97. For the full picture, make sure to review Lyft's 8-K report.

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