Active passengers increase by 10%, gross bookings increase by 17%, price lock feature introduced

Lyft, Inc (NASDAQ:LYFT) announced its Second Quarter Financial Results Wednesday. It reported adjusted EPS of $0.24, which exceeded consensus analyst estimate of $0.19.

Quarterly sales reached $1.44 billion, beating analysts’ consensus estimate of $1.39 billion and representing a 41% increase year over year.

Rival Uber Technologies, Inc (NYSE:UBER) reported second-quarter fiscal 2024 revenue growth of 16% year-over-year to $10.70 billion, beating expectations analysts estimate $10.57 billionUber operates globally with a diversified portfolio of businesses, including food and parcel delivery services, while Lyft offers ride-hailing services in the United States and Canada.

Lyft’s gross bookings for the quarter reached $4.0 billion, up 17% from a year earlier. The company reported 10% year-over-year growth in active riders to 23.7 million, an all-time high.

Total trips increased 15% year over year to 205 million, and Uber trips increased 21% year over year to 2.8 billion, or 30 million per day.

Lyft generated $256.4 million in free cash flow for the quarter versus $(112.2) million year-over-year.

Lyst says its shopping in Canada doubled in the second quarter compared to last year, with Toronto becoming its eighth largest market.

During the conference call, Lyft’s CEO announced the launch of the Price Lock feature, allowing users to cap fares with subscriptions.

Perspectives: Lyft Saw Third Quarter Gross Bookings of approximately $4.0 to $4.1 billion, adjusted EBITDA of $90 to $95 million and an adjusted EBITDA margin of approximately 2.3%.

The company said it remains on track to generate positive free cash flow for the full year.

On the conference call, Lyft’s CEO said that prime-time bookings declined in the second quarter and are expected to decline further in the third quarter.

LYFT Price Evolution: Lyft shares were down 17.90% at $9.01 before the market open at last check Wednesday.

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This item Lyft Q2 Results: Active Riders Increase 10%, Gross Bookings Increase 17%, Price Lock Feature Introduced originally appeared on Benzinga.com

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