Lyft, Inc. LYFT unveiled its fourth-quarter financial results after Tuesday’s closing bell. Here’s a look at the significant highlights.
The Numbers:
In the fourth quarter, Lyft reported sales of $1.22 billion, meeting the analyst consensus and registering a 4.22% increase over the $1.18 billion in sales from the same period in the previous year. Furthermore, the company recorded gross bookings of $3.7 billion, reflecting a 17% year-over-year upswing.
The full-year revenue stood at $4.4 billion, marking an 8% year-over-year increase. Additionally, the number of rides in Q4 surged by 26% year-over-year, fueled by strong rideshare demand.
Commenting on the impressive performance, CFO Erin Brewer stated, “Lyft’s outstanding Q4 performance demonstrates our team’s incredible work to build a solid foundation for profitable growth.”
He added, “We’ve entered 2024 with a lot of momentum and a clear focus on operational excellence, which positions the company to drive meaningful margin expansion and our first full-year of positive free cash flow.”
Lyft anticipates first-quarter gross bookings to range between $3.5 billion and $3.6 billion.
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LYFT Price Action: According to Benzinga Pro, Lyft shares are trading up nearly 24% after-hours at $15.00 at the time of publication.
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