On August 7, 2024, Lyft Inc. announced its financial results for the second quarter ended June 30, 2024, marking the company's first-ever quarter of GAAP profitability. The report highlighted a significant year-over-year increase in key financial metrics, including a 17% rise in Gross Bookings to $4.0 billion, a 41% surge in revenue to $1.4 billion, and a net income of $5.0 million, a stark contrast to the $114.3 million net loss in the same quarter of the previous year. Adjusted EBITDA stood at $102.9 million, up from $41.0 million in Q2 2023. Operational highlights included an all-time high of 23.7 million Active Riders and a record 205 million rides, with driver hours reaching a peak and the most new drivers since 2019. The company also noted significant events such as Pride celebrations...Show More

On August 7, 2024, Lyft Inc. announced its financial results for the second quarter ended June 30, 2024, marking the company's first-ever quarter of GAAP profitability. The report highlighted a significant year-over-year increase in key financial metrics, including a 17% rise in Gross Bookings to $4.0 billion, a 41% surge in revenue to $1.4 billion, and a net income of $5.0 million, a stark contrast to the $114.3 million net loss in the same quarter of the previous year. Adjusted EBITDA stood at $102.9 million, up from $41.0 million in Q2 2023. Operational highlights included an all-time high of 23.7 million Active Riders and a record 205 million rides, with driver hours reaching a peak and the most new drivers since 2019. The company also noted significant events such as Pride celebrations and spring graduations that contributed to increased rides. Looking ahead, Lyft provided an optimistic outlook for Q3 2024, with Gross Bookings expected to be between $4.0 billion and $4.1 billion and Adjusted EBITDA projected at $90 million to $95 million. The company also updated its full-year 2024 directional commentary, expecting to achieve over 90% long-term free cash flow conversion ahead of schedule.