The Company’s Performance
Lyft, Inc. LYFT unveiled its fourth-quarter financial results following the close of markets on Tuesday.
The Numbers:
In the latest quarter, Lyft reported sales of $1.22 billion, matching analyst consensus, and marking a 4.22% uptick from the $1.18 billion recorded in the corresponding period the prior year. The company’s gross bookings for the fourth quarter stood at $3.7 billion, reflecting a robust 17% surge year-over-year.
Annual revenue came in at $4.4 billion, an 8% increase from the previous year. Moreover, the number of rides in the fourth quarter surged 26% year-over-year, propelled by vigorous rideshare demand.
Positive Outlook:
Reacting to the stellar results, CFO Erin Brewer commented, “Lyft’s outstanding Q4 performance demonstrates our team’s incredible work to build a solid foundation for profitable growth.” Brewer 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 fall within the range of $3.5 billion to $3.6 billion.
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LYFT Price Action: As per Benzinga Pro, Lyft stocks are currently trading up by almost 24% after-hours at $15.00 at the time of publication.
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