Lyft’s gross bookings hit $5.5bn in the second quarter, up 23% on a year earlier and a record, the company said on 6 August. Active riders passed 30 million for the first time, reaching 30.5 million, and rides rose 12% to 262 million.
Revenue climbed 16% to $1.8bn. By its own metrics, it was a strong three months.
The market barely blinked. Shares were little changed after hours, partly because net income, though up 25% to $50.3m, missed forecasts. Lyft spent more on rider coupons and on absorbing the companies it keeps buying. Bookings beat expectations; profit did not.
Buying its way abroad
The bigger story is geography. Lyft is recasting itself from a US challenger to Uber into a global platform, and it is doing it by acquisition. Its European taxi app Freenow drove strong demand across Italy, Spain and Greece. Premium rides, the roomy XXL bookings groups pick for luggage, sold well, and a luxury chauffeur arm had its best month in June.
