Lyft Inc. said on Wednesday that its revenue for the second quarter of fiscal 2024 increased by 41% to $1.4 billion compared with a similar quarter a year ago.
In the three months to June 30, net income was $5 million, compared to a $114.3 million net loss in the second quarter of 2023. On another positive note, gross bookings rose 17% to $4 billion, with 23.7 million riders. Nevertheless, despite the better-than-expected revenue, Lyft forecasted gross bookings between $4 billion and $4.1 billion, lower than analysts' consensus of $4.13 billion.
"Our platform is growing in a very healthy way as evidenced by the strength of our financial results, including strong cash flow generation and GAAP Net income," said CFO Erin Brewer. "We had a strong second quarter with more than a hundred million dollars in Adjusted EBITDA, and we have solid momentum entering the second half of the year."
Following the report's release, Lyft's shares dipped 8.93% in the premarket in New York.
