Lyft in 2023 provided 709 million rides, an 18 percent increase year over year, and a record for the company, Lyft announced Tuesday in an earnings release. Rides for the fourth quarter were nearly 191 million, up 26 percent compared with Q4 2022.
The company also as of Tuesday has expanded its Women-Plus Connect product to more than “295 cities across the United States, including Atlanta, Boston, Chicago, D.C., Los Angeles and New York City,” Lyft CEO David Risher said during a Tuesday earnings call.
Lyft launched Women-Plus Connect in September 2023 as a pilot program in five markets then expanded it to about 50 more in November. The product allows women and nonbinary drivers to increase their chances of matching with women and nonbinary riders. Nearly 7 million rides with the feature have been completed, according to Lyft.
“Roughly two-thirds of eligible drivers and millions of active riders are using the feature, and their feedback has been outstanding,” Risher said. “We have seen double-digit increases in driver referrals in markets where that product has gone live.”
Lyft Q4, Full-Year 2023 Metrics
Lyft reported fourth-quarter revenue of more than $1.2 billion on gross bookings of more than $3.7 billion, representing year-over-year increases of nearly 4.2 percent and 16.7 percent, respectively. The company reported full-year revenue of $4.4 billion on gross bookings of nearly $13.8 billion, increases of 7.5 percent and 14.2 percent year over year, respectively.
The company’s net loss for the quarter was $26.3 million compared with a loss of $588.1 million a year prior. The full-year 2023 net loss was $340.3 million versus a loss of nearly $1.6 billion in 2022.
Active riders during the quarter reached 22.4 million, representing a 9.8 percent year-over-year increase.
Lyft’s outlook for the first quarter of 2024 included projected gross bookings of $3.5 billion to $3.6 billion. “Directional commentary” for full-year 2024 included rides growth in the mid-teen percentages year over year, with gross bookings growth that is slightly faster than rides growth.
