Trip-hailing firm Lyft, Inc. (NASDAQ: LYFT) has reported a narrower internet loss for the primary quarter of 2024 when its revenues elevated by double digits.
The San Francisco-based firm posted a internet lack of $31.54 million or $0.08 per share for the primary three months of fiscal 2024, which marks an enchancment from the prior-year interval when it incurred a lack of $187.6 million or $0.50 per share.
The taxi reserving platform posted an adjusted EBITDA of $59.4 million for the March quarter, in comparison with $22.7 million within the first quarter of 2023. The underside line benefited from a 28% progress in revenues to $1.3 billion throughout the three months. At $3.7 billion, Q1 gross bookings had been up 21% year-over-year. There have been 21.9 million energetic riders on the finish of the quarter, up 12% year-over-year.
Lyft’s CFO Erin Brewer stated, “We continue to see demand for our platform increase and our Q1 results reflect this: we delivered strong top-line growth and had our second consecutive quarter of positive free cash flow. We’ve had a solid start to the year and we’re on track to deliver on our full-year financial goals with an improved outlook for our full-year free cash flow.”
