Summary by Moomoo AI
On May 7, 2024, Lyft Inc. released its financial results for the first quarter ending March 31, 2024. The company reported a net loss of $31.5 million, a significant improvement from the $187.6 million loss in the same quarter of the previous year. Gross bookings increased by 21% year-over-year to $3.7 billion, while revenue saw a 28% increase to $1.3 billion. Adjusted EBITDA was $59.4 million, up from $22.7 million in Q1 2023, with a margin of 1.6% of gross bookings. Operational highlights included a 23% increase in rides and a 12% increase in active riders. Lyft also highlighted the successful nationwide rollout of Women+ Connect and strong growth in the Canadian market. The company expects gross bookings of approximately $4.0 to $4.1 billion and an adjusted EBITDA of $95 million to $100 million for the second quarter of 2024. Lyft remains on track to generate positive free cash flow for the full year, with at least 70% of adjusted EBITDA expected to convert to free cash flow. Additionally, Lyft announced it will host its first Investor Day on June 6, 2024.