Lyft Accelerated Bookings Growth as Ridership Hit Records
Adjusted EBITDA rose 37% to $177.2 million as margins widened.
Lyft Inc. (LYFT), the ride-hailing company, accelerated Gross Bookings growth to 23% as rides and active riders reached records in the second quarter.
Gross Bookings reached $5.50 billion, up 11% sequentially and above the prior outlook’s top end by $74 million. The year-over-year pace increased from 19% in the first quarter and 16% in the third quarter of 2024.
Revenue rose 16% to $1.84 billion, accelerating from 14% growth in the prior quarter. Net income increased 25% to $50.3 million and more than tripled from the first quarter, while operating income climbed to $47.6 million from $2.4 million a year earlier.
Rides increased 12% to a record 262.4 million, reversing the first quarter’s sequential decline. Active riders exceeded 30 million for the first time, rising 17% to 30.5 million, while about 30% of North American rideshare rides were linked to partnerships, up from nearly 27% in the prior quarter.
Lower service-delivery costs supported the profit gain. Cost of revenue declined to $926.4 million from $935.7 million a year earlier despite the revenue increase, offsetting some of the pressure from a 68% rise in sales and marketing expense and a 30% increase in general and administrative costs.
Lyft forecast third-quarter Gross Bookings of $5.50 billion to $5.67 billion, representing year-over-year growth of 15% to 19%. The company expects adjusted EBITDA of $183 million to $203 million and a margin of 3.3% to 3.6%, above the second quarter’s 3.2% margin.
Lyft repurchased $400 million of Class A stock during the first half, twice the amount bought in the comparable 2024 period. Its Nashville operation with Waymo began fleet operations in June, and an 80,000-square-foot autonomous-vehicle depot is scheduled to open in October.