Summary by Moomoo AI
Lyft achieved its first quarterly net profit in Q2 2024, with revenue surging 41% year-over-year to $1.44 billion. The company reported net income of $5 million, compared to a net loss of $114.3 million in Q2 2023. Adjusted EBITDA rose 151% to $102.9 million, while Gross Bookings increased 17% to $4.02 billion. Active Riders grew 10% to 23.7 million, with total rides up 15% to 205.3 million.The company strengthened its financial position through strategic debt management, issuing $460 million in convertible notes due 2029 and repurchasing $356.8 million of 2025 Notes. Operating cash flow improved significantly to $276.2 million, compared to negative $70 million in the prior year period. Insurance costs increased by $189.9 million due to industry-wide inflation and higher claims costs.Looking ahead, Lyft continues to focus on marketplace efficiency and cost management while expanding its offerings. The company launched new initiatives including Women+ Connect and a driver earnings commitment guaranteeing at least 70% of weekly passenger payments. Management remains focused on maintaining profitability while investing in growth opportunities and platform improvements.
