Lyft reported second-quarter revenue of more than $1.4 billion, up from $1 billion reported a year prior, on gross bookings of more than $4 billion, a 17 percent year-over-year increase, the company announced Wednesday.
Net income was $5 million compared with a loss of more than $114 million in Q2 2023.
In Q2, Lyft had a “record 23.7 million active riders, up over 10 percent year over year,” Lyft CEO David Risher said on a Wednesday earnings call. “At the same time, ride intents conversion increased, and ride frequency kept growing, thanks in part to the fastest pick-up time we’ve had in four years.”
The company also reported a record 205 million rides in the second quarter, up 15 percent year over year. In particular, rides in Canada doubled in the second quarter compared with Q2 2023, and Toronto grew to become Lyft’s eighth largest market, according to the company.
In addition, Lyft is working to reduce the number of “Primetime” rides, or those that see surge pricing—which Risher said was the most hated feature of ride-hailing.
In the second quarter, the average Primetime amount included in each ride declined by 25 percent compared with the first quarter, “and that contributes to better conversion rates,” Risher said, adding that because of that, “we are going to do something a little crazy. We are going to open up a can of whoop-ass on Primetime.”
The company is piloting a new feature with those who use Lyft for daily commutes called “Price Lock,” in which a rider can purchase a monthly subscription that caps the price per specific route at a specific time, Risher explained.
“Primetime won’t ever completely go away,” he said. “It’s an important way to match supply and demand when demand [spikes] quickly. But with innovations like Price Lock, we can chip away at how often it occurs.”
Lyft projects third-quarter gross bookings of $4 billion to $4.1 billion. For the full year, it anticipates rides growth in the mid-teens year over year, with gross bookings growing slightly faster than rides growth.
