Lyft’s third-quarter performance included record active
riders and record rides and was “one of the strongest quarters in Lyft
history,” CEO David Risher said in a statement.
The number of active riders for the quarter increased 9
percent year over year to 24.4 million, while the number of rides was up 16
percent to 217 million.
“Our team executed on all parts of our strategic plan,
resulting in a spectacular third quarter with progress on what matters most to
riders and drivers more than 2 million times per day,” Risher said during
a Wednesday evening earnings call. “This year we’ve launched 33 new
products and features. … As a result, we’re seeing all-time highs across both
driver and rider metrics.”
During the quarter, Lyft expanded its Price Lock product
nationwide, which allows riders to “lock in” a price pass for a
regular route and time for a $2.99 monthly fee. The target audience is people
who use Lyft to commute.
“By the end of September, we already had more than
200,000 active passes, and this number keeps growing,” Risher said, adding
that Price Lock riders take on average four more rides per month than they
previously did before purchasing the pass.
The company also continued to decrease the use of
“prime time” or surge pricing. It was down more than 40 percent year
over year for the third quarter, and down 20 percent from the second quarter,
Risher said.
Our team executed on all parts of our strategic plan, resulting in a spectacular third quarter with progress on what matters most to riders and drivers more than 2 million times per day.”
Lyft CEO David Risher
In addition, Lyft noted it is expanding in Canada, with
drivers currently being onboarded in Winnipeg. The company’s goal is to
“double ride volume year-on-year,” Risher said, adding that it is on
track to do so. Toronto also is Lyft’s sixth biggest market, and a year ago
“it wasn’t in the top 10.”
Prior to the call, Lyft announced partnerships with three companies
related to autonomous vehicles, including Mobileye, Nexar and May Mobility. The
Lyft rideshare platform will be available to all vehicles with Mobileye Drive
for self-driving technology, Risher said. For Nexar, the partnership will
combine Lyft’s network with Nexar’s “intelligent video telematics”
with the goal of accelerating how AVs learn. May Mobility’s AVs will be
available to Lyft riders in Atlanta next year.
Lyft Q3 Metrics
Lyft reported third-quarter revenue of more than $1.5
billion, up about 31.5 percent year over year. Gross bookings were $4.1
billion, an increase of 15.6 percent. The company reported a net loss of $12.4
million, slightly more than the $12.1 million loss reported in Q3 2023.
Fourth quarter guidance includes gross bookings of about $4.28
billion to $4.35 billion, up 15 percent to 17 percent year over year. Full-year
2024 guidance includes ride growth in the mid-teens percentages year over year,
and 17 percent growth in gross bookings.
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