Lyft Inc. announced on Tuesday its revenue in the fourth quarter of the fiscal year 2024 saw an annual rise of 27% to reach $1.6 billion. Its net income came at $61.7 million, improving from a year-on-year net loss. Meanwhile, gross bookings increased by 15% to $4.3 billion.
In the full year 2024, Lyft's revenue grew by 31% compared to 2023 to hit $5.8 billion. The company posted a net income of $22.8 million, a contrast to a net income registered the year before. Gross bookings went up by 17% to $16.1 billion. It also posted diluted earnings per share (EPS) of $0.06, compared to losses per share of $0.88 year-on-year.
"We surpassed every target we provided at investor day and the best part is that 2024 was only the beginning of our multi-year plan," Lyft Chief Financial Officer (CFO) Erin Brewer commented. After the results were released, Lyft's Class A Common Stock plunged by 10.28% in after-hours trading.
