Lyft reported strong financial results for Q3 2024, with revenue increasing 32% year-over-year to $1.52 billion, driven by a 16% rise in rides and 9% growth in active riders. The company posted a net loss of $12.4 million, narrowing from $12.1 million in Q3 2023. Adjusted EBITDA grew 17% to $107.3 million, while free cash flow improved significantly to $242.8 million.The company announced a restructuring plan in September 2024 related to its bikes and scooters transportation mode, resulting in $36.4 million in restructuring charges. Insurance costs increased by $187 million due to inflation and higher paid losses across the commercial auto industry. The company maintained strong liquidity with $1.9 billion in unrestricted cash and investments as of September 30, 2024.Looking ahead, Lyft continues to focus on marketplace efficiency and cost management while expanding its offerings. The company launched new initiatives including Women+ Connect nationwide and a price lock subscription service. Management remains committed to building a durable, healthy and profitable business, having achieved positive free cash flow for four consecutive quarters and its first-ever quarterly net profit in Q2 2024.

Lyft reported strong financial results for Q3 2024, with revenue increasing 32% year-over-year to $1.52 billion, driven by a 16% rise in rides and 9% growth in active riders. The company posted a net loss of $12.4 million, narrowing from $12.1 million in Q3 2023. Adjusted EBITDA grew 17% to $107.3 million, while free cash flow improved significantly to $242.8 million.The company announced a restructuring plan in September 2024 related to its bikes and scooters transportation mode, resulting in $36.4 million in restructuring charges. Insurance costs increased by $187 million due to inflation and higher paid losses across the commercial auto industry. The company maintained strong liquidity with $1.9 billion in unrestricted cash and investments as of September 30, 2024.Looking ahead, Lyft continues to focus on marketplace efficiency and cost management while expanding its offerings. The company launched new initiatives including Women+ Connect nationwide and a price lock subscription service. Management remains committed to building a durable, healthy and profitable business, having achieved positive free cash flow for four consecutive quarters and its first-ever quarterly net profit in Q2 2024.