Summary by Moomoo AI
Lyft Inc. reported an 8% increase in annual revenue to $4.4 billion for the fiscal year ended December 31, 2023, compared to $4.1 billion in the previous year. Despite this growth, the company experienced a net loss of $340.3 million, which is a significant improvement from the $1.6 billion net loss in the prior year, marking a 79% reduction. The net loss as a percentage of revenue also improved dramatically from 38.7% to 7.7%. The company's operational efficiency is highlighted by a 67% decrease in loss from operations and a 59% reduction in net cash used in operating activities. Lyft's active riders for the fourth quarter increased by 10% year-on-year, and rides grew by 18%, contributing to a 14% rise in gross bookings. Adjusted EBITDA turned positive at $222.4 million, a significant...Show More