Ride-hailing company Lyft, Inc. (NASDAQ: LYFT) has reported a narrower net loss for the first quarter of 2024 when its revenues increased by double digits.
The San Francisco-based company posted a net loss of $31.54 million or $0.08 per share for the first three months of fiscal 2024, which marks an improvement from the prior-year period when it incurred a loss of $187.6 million or $0.50 per share.
The taxi booking platform posted an adjusted EBITDA of $59.4 million for the March quarter, compared to $22.7 million in the first quarter of 2023. The bottom line benefited from a 28% growth in revenues to $1.3 billion during the three months. At $3.7 billion, Q1 gross bookings were up 21% year-over-year. There were 21.9 million active riders at the end of the quarter, up 12% year-over-year.
Lyft’s CFO Erin Brewer said, “We continue to see demand for our platform increase and our Q1 results reflect this: we delivered strong top-line growth and had our second consecutive quarter of positive free cash flow. We’ve had a solid start to the year and we’re on track to deliver on our full-year financial goals with an improved outlook for our full-year free cash flow.”