Lyft’s Q3 2024: Strong Growth and New Records

Lyft Inc ( (LYFT) ) has released its Q3 earnings. Here is a breakdown of the information Lyft Inc presented to its investors.

Lyft Inc., a leading rideshare company based in San Francisco, operates a multimodal transportation platform offering rideshare, bike, and scooter rentals within the United States. Founded in 2012, the company aims to connect people through accessible and reliable transportation options.

Lyft recently announced its financial results for the third quarter of 2024, boasting significant achievements and setting new records in the company’s history. The quarter saw substantial growth in both active riders and rides, alongside robust revenue figures, which led the company to raise its full-year outlook.

The company reported a 16% year-over-year increase in gross bookings, totaling $4.1 billion, and a 32% rise in revenue, reaching $1.5 billion. Despite a net loss of $12.4 million, affected by restructuring charges, the adjusted EBITDA improved to $107.3 million from $92.0 million in the previous year. Additionally, Lyft achieved record numbers for active riders at 24.4 million and rides at 217 million, showing a 9% and 16% increase year-over-year respectively.

Strategically, Lyft continues to focus on innovation with new partnerships, including collaborations with Mobileye, May Mobility, and Nexar for autonomous vehicle initiatives starting in Atlanta in 2025. The company has also partnered with DoorDash to offer enhanced benefits to its riders. Lyft’s efforts to improve driver earnings and transparency further demonstrate its commitment to operational excellence.

Looking ahead, Lyft’s management remains optimistic, forecasting continued growth in gross bookings and rides, with an expectation for free cash flow to exceed $650 million by the end of the year. The company aims to sustain its momentum through strategic partnerships and innovations in autonomous technology, positioning itself strongly in the competitive rideshare market.