Lyft, Inc. LYFT revealed its financial outcomes for the fourth quarter after the bell on Tuesday. Here’s a breakdown of the key points.
The Breakdown:
Lyft announced quarterly sales of $1.22 billion, matching the analyst consensus estimate and representing a 4.22% increase from sales of $1.18 billion in the same period the previous year. The company also disclosed fourth-quarter gross bookings of $3.7 billion, marking a 17% increase year-over-year.
The company further reported full-year revenue of $4.4 billion, an 8% rise year-over-year. Additionally, the number of rides in the fourth quarter surged by 26% year-over-year, propelled by robust rideshare demand.
“Lyft’s exceptional Q4 performance showcases our team’s remarkable efforts in laying a robust foundation for profitable growth,” commented CFO Erin Brewer.
“We’ve stepped into 2024 with considerable momentum and a clear emphasis on operational excellence, positioning the company for substantial margin expansion and our inaugural year of positive free cash flow,” Brewer remarked.
Lyft anticipates first-quarter gross bookings in the range of $3.5 billion to $3.6 billion.
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LYFT Price Action: According to Benzinga Pro, Lyft shares are trading up nearly 24% after-hours at $15.00 at the time of publication.
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