Summary by Moomoo AI
Lyft achieved its first-ever GAAP profitable quarter in Q2 2024, posting a net income of $5.0 million compared to a $114.3 million loss in Q2 2023. Revenue surged 41% year-over-year to $1.4 billion, while Gross Bookings increased 17% to $4.0 billion. The company reached all-time highs with 23.7 million Active Riders and 205 million Rides, up 10% and 15% YoY respectively.The company demonstrated strong operational performance with Adjusted EBITDA of $102.9 million, more than double the $41.0 million in Q2 2023. Free cash flow improved significantly to $256.4 million, compared to negative $112.2 million in the prior year. Driver supply hit record levels, with the highest number of new drivers since 2019.For Q3 2024, Lyft expects Gross Bookings of $4.0-4.1 billion and Adjusted EBITDA of $90-95 million. The company updated its full-year 2024 outlook, projecting mid-teens rides growth and anticipating reaching its 90% long-term free cash flow conversion target ahead of schedule.
