Lyft reports Q1 GAAP EPS (8c), consensus 3c
Reports Q1 revenue $1.3B, consensus $1.16B. Rides of 188 million: were up 23% year-over-year, reflecting strong demand across use cases. Growth in early morning, commute and weekend evening trips was particularly strong, which is a continuation of the trends we saw in the back half of 2023. Active Riders of 21.9 million: were up 12% year-over-year, reflecting an improvement in rider retention along with an increase in new riders. "Lyft is off to a strong start in 2024. We are executing well and bringing much-needed innovation to the market. That's why drivers and riders are choosing Lyft more often," said CEO David Risher. "After a year in the driver's seat at Lyft I'm thrilled to see all the ways that our customer obsession drives profitable growth."
