Lyft's Financial Triumph in Q1 2024

Lyft Inc. announced a remarkable 14% increase in its first-quarter revenue for fiscal 2024, reaching $1.45 billion. This performance not only surpassed analysts' expectations but also marked a significant improvement from the previous year.

Improving Financial Health

The ride-hailing giant reported a narrowed net loss of $2.6 million, a substantial improvement from the $31.5 million loss recorded in the same quarter of the previous year. Adjusted EBITDA also saw a notable rise to $106.5 million, up from $59.4 million year-over-year.

Growth in User Base and Future Outlook

Lyft's active rider count grew by 11% to 24.2 million, showcasing the company's expanding market presence. Looking ahead, Lyft anticipates gross bookings for the second quarter of 2025 to range between $4.41 billion and $4.57 billion.

Leadership's Perspective

"Q1 marked Lyft's 16th consecutive quarter of double-digit year-on-year Gross Bookings growth, demonstrating the resilience and momentum of our customer-obsessed strategy," stated CEO David Risher. CFO Erin Brewer highlighted the company's "winning formula of growth with discipline," citing a 16% increase in rides, strong profit expansion, and nearly $1 billion in cash from operations over the past year.

Following the announcement, Lyft's shares experienced a 6.85% surge in after-hours trading, reaching $13.87 per share.