Summary by Moomoo AI
Lyft Inc. has reported a significant improvement in its financial performance for the first quarter ended March 31, 2024, with a 28% increase in revenue to $1.277 billion compared to $1 billion in the same period last year. The company's net loss narrowed by 83% to $31.5 million from $187.6 million, and net loss as a percentage of revenue improved by 87% to (2.5)% from (18.8)%. Active Riders and Rides increased by 12% and 23% respectively, contributing to a 21% rise in Gross Bookings to $3.693 billion. Adjusted EBITDA saw a significant jump of 162% to $59.4 million. Lyft's restructuring efforts, which included a workforce reduction of 26% and incurred net restructuring charges of $63.3 million in Q2 2023, have been completed with no future costs expected. The company's business development has been robust, with the launch of...Show More
