Lyft Inc. said on Tuesday its revenue in the fourth quarter of fiscal 2023 amounted to $1.2 billion, rising 4% compared to the same period a year earlier, reaching estimates.
The ride-hailing company's net loss landed at $26.3 million, improving from a loss of $588.1 million, posted in the fourth quarter of 2022. Lyft stressed the net loss includes $93.3 million of stock-based compensation and related payroll tax expenses. Adjusted EBITDA came in at $66.6 million, jumping from a negative $248.3 million a year earlier, and the number of active riders increased 10% to 22.4 million. The company's outlook for gross bookings in the first quarter of 2024 is expected from $3.5 billion to $3.6 billion.
"We reached the highest level of annual riders in our history, delivered over 700 million rides, and helped drivers take home over $8 billion […] In 2024, we’ll prove that Lyft’s customer obsession will drive profitable growth," CEO David Risher stated. Lyft's shares skyrocketed 59.60% in after-hours trading to sell for $19.36 apiece.
