This article has been reviewed according to Science X's editorial process and policies . Editors have highlighted the following attributes while ensuring the content's credibility: A Lyft sign is displayed on a car in Chicago, March 11, 2024. Credit: AP Photo/Nam Y. Huh, File Lyft shares tumbled to their biggest loss in more than a year on Wednesday after the ride-hailing app reported gross bookings that spooked investors. Shares of Lyft were down close to 13% in midday trading to $9.54 per share, even as t ...

Lyft NASDAQ: LYFT released its second quarter 2024 earnings report, revealing a remarkable milestone. Lyft's financial release shows that the company achieved GAAP profitability for the first time in the company's history. However, this triumph was met with a wave of investor caution as Lyft simultaneously issued a lessthan-optimistic outlook for the coming quarters, sparking a decline in Lyft's stock price. Get Lyft alerts: Lyft's Robust Quarter Fuels Optimism Lyft Today LYFT Lyft $9.65 -1.32 (-12.03%) 52- ...

Financial Data and Key Metrics - Lyft achieved GAAP profitability for the first time in Q2 2024, marking a significant milestone [4] - Revenue exceeded $1.4 billion, up more than 40% year-over-year [17] - Gross bookings exceeded $4 billion, up 17% year-over-year [17] - Adjusted EBITDA was $103 million, representing 2.6% of gross bookings, up from 1.2% a year ago [19] - Free cash flow for Q2 was $256 million, with a total of $368 million over the last four quarters [20] Business Line Data and Key Metrics - Lyft Media revenue grew more than 70% year-over-year, with in-app media revenue growing more than 10 times year-on-year [8][9] - The company signed deals with 44 new brands in Q2, including T-Mobile and Activision, and re-signed deals with Amazon, Fidelity, and NBCUniversal [8] - Autonomous vehicle (AV) rides facilitated in markets like Las Vegas reached over 130,000, with Lyft positioning itself as a key player in AV commercialization [12] Market Data and Key Metrics - Lyft had a record 23.7 million quarterly active riders, up over 10% year-over-year [6] - Driver hours hit an all-time high, with a 34% increase in women and nonbinary drivers compared to Q2 2023 [4] - Average pickup times were more than 10% faster than a year ago, the fastest in four years [15] - Primetime surcharges declined by more than 25% quarter-over-quarter, improving rider conversion rates [7][15] Company Strategy and Industry Competition - Lyft's strategy focuses on customer obsession, operational excellence, and product innovation, driving profitable growth [4][13] - The company is piloting a new feature called Price Lock, aimed at reducing price variability for commuters [7][26] - Lyft is leveraging its network and partnerships to commercialize autonomous vehicles, with a focus on fleet management and integration [10][12] - The company is investing in partnerships and media to drive growth, with a strong emphasis on in-app video ads and brand collaborations [8][9] Management Commentary on Operating Environment and Future Outlook - Management highlighted the importance of operational excellence in driving growth through increased driver hours, rider retention, and frequency [14] - The company expects gross bookings to grow slightly faster than rides in Q3, with adjusted EBITDA of $90 million to $95 million [20] - Lyft reiterated its full-year 2024 guidance, expecting mid-teens year-over-year growth in total rides and gross bookings [21] - The company is confident in achieving sustainable GAAP profitability by 2025-2027, with progress expected to be non-linear but on an upward trajectory [19] Other Important Information - Lyft's cash position at the end of Q2 was approximately $1.8 billion in unrestricted cash, cash equivalents, and short-term investments [20] - The company is working on reducing insurance costs through product and safety initiatives, with slower premium increases expected in 2024 [21] - Lyft's focus on reducing Primetime surcharges and improving marketplace health is expected to continue into Q3 [36] Q&A Session Summary Question: Economics of Price Lock and Marketplace Balance [23] - Price Lock is a subscription-based feature aimed at providing predictable pricing for commuters, with a focus on reducing price variability [26] - The company is shifting incentives from drivers to riders, with a focus on improving rider retention and frequency [24] Question: Insurance Costs and Consumer Sentiment [29] - Insurance cost increases are expected to moderate compared to the previous year, with ongoing efforts to reduce accident frequency and improve settlement outcomes [30][31] - Consumer sentiment remains strong, with growth across various ride segments, including party rides and airport rides [32][34] Question: Impact of Price Lock on Wait & Save Mix [38] - Price Lock and Wait & Save are complementary products, with Price Lock targeting commuters seeking predictable pricing and Wait & Save appealing to cost-conscious riders [39] Question: Long-Term Growth Drivers and Insurance Strategy [78] - Lyft is focused on geographical expansion, new segments, and partnerships to sustain mid-teens growth, with a slight shift towards self-insurance in the latest renewal cycle [79][80] Question: Pricing Strategy and Volume Growth [86] - Lyft is focused on reducing price variability and leveraging partnerships to offset costs, with early markets showing positive volume growth in response to pricing innovations [87][90] Question: Advertising Revenue Growth [67] - In-app media revenue grew more than 10 times year-over-year, driven by targeted advertising and high engagement rates [69][71] Question: Canada Market Growth and U.S. Market Share [73] - Lyft is seeing strong growth in Canada, with Toronto becoming its eighth-largest market, but no significant changes in U.S. market share [75] Question: Capital Allocation and Stock-Based Compensation [56] - Lyft remains on track with its 2024 target of $340 million in stock-based compensation and is focused on investing in profitable growth while managing its balance sheet prudently [57]

Key Takeaways Lyft swung to its first quarterly profit, driven by record rides. Current-quarter bookings and adjusted EBITDA guidance both came up short of analysts' expectations. Lyft shares plunged 13% in intraday trading Wednesday. Lyft (LYFT) shares plunged 13% intraday Wednesday as disappointing guidance outweighed the ridesharing company's first quarterly profit and record ridership numbers. The company expects current-quarter bookings of $4 billion to $4.1 billion and adjusted EBITDA of $90 million t ...

Lyft, Inc. LYFT is expected to release earnings results for its second quarter, before the opening bell on Wednesday, Aug. 7. 9.17% 60th 167 Analysts expect the San Francisco, California-based company to report quarterly earnings at 19 cents per share, up from 16 cents per share in the year-ago quarter. Lyft is projected to report quarterly revenue of $1.02 billion a year earlier, according to data from Benzing to data from Benzinga Pro. On July 25, Lyft and Payfare reported the long term extension of Lyft ...

The most oversold stocks in the industrials sector presents an opportunity to buy into undervalued companies. The RSI is a momentum indicator, which compares a stock's strength on days when prices go up to its strength on days when prices go down. When compared to a stock's price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the RSI is below 30, according to Benzinga Pro. Here's the latest list of major oversold player ...

The latest trading session saw Lyft (LYFT) ending at $11.95, denoting a -1.24% adjustment from its last day's close. The stock's performance was behind the S&P 500's daily loss of 0.5%. Elsewhere, the Dow gained 0.5%, while the tech-heavy Nasdaq lost 1.28%. The ride-hailing company's stock has dropped by 13.39% in the past month, falling short of the Computer and Technology sector's loss of 4.37% and the S&P 500's gain of 0.1%. The investment community will be paying close attention to the earnings performa ...

Images By Tang Ming Tung/DigitalVision via Getty Images LYFT Stock Price I last covered LYFT in December where I explained why I was downgrading the stock due to valuation. That proved to be fortuitous timing as the stock has since underperformed the broader market by around 30%. That kind of underperformance can alleviate a great deal of valuation concerns, especially as the company continues to execute strongly. In the most recent quarter, LYFT generated 27.5% YoY revenue growth to $1.277 billion and 21% ...

SAN FRANCISCO, July 25, 2024 /PRNewswire/ -- Today, Everlance and Lyft announce a strategic partnership to better serve the rideshare driver ecosystem. As part of this partnership, Everlance is now integrated into the Lyft driver rewards program, a significant enhancement for drivers. All Lyft drivers will receive a 20% discount on Everlance Premium products, with the potential for even deeper discounts based on their driver tier within the Lyft rewards program. This integration ensures that drivers have ac ...

The extension allows Lyft Direct cardholders to continue benefiting from free instant pay after every ride, a rich cashback rewards program, and more SAN FRANCISCO, Calif. and TORONTO, July 25, 2024 /PRNewswire/ - Lyft, Inc. (NASDAQ: LYFT), one of the largest transportation networks in North America, and Payfare Inc. (TSX: PAY) (OTCQX: PYFRF), a leading international Earned Wage Access ("EWA") company powering instant access to earnings and digital banking solutions for workforces, are excited to announce t ...