Lyft Business Q3 managed bookings up 50 percent | Tech US News


Ride-hailing provider Lyft reported revenue of $1.05 billion in the third quarter, a record high, but its net loss widened. Still, bookings handled through the Lyft Business platform more than doubled year over year, the company said.

Lyft’s third-quarter revenue rose 22 percent year-over-year and 6 percent quarter-over-quarter, the company said. Despite record revenue, Lyft’s net loss for the period was $422.2 million, compared with a loss of $99.7 million a year earlier and a loss of $377.2 million in the second quarter .

Still, “the company’s airport trips accounted for 10.4 percent of carpool trips in the third quarter, surpassing the record set last quarter,” Lyft co-founder and CEO Logan Green said during a call from earnings on monday. “In addition, bookings handled by Lyft Business grew more than 50 percent year-over-year and reached a new high, with strong adoption of our B2B offerings, including Lyft Pass and Concierge.”

Lyft also reported that its number of active riders in the third quarter grew 7.2 percent year-over-year to more than 20.3 million and was up about 2.3 percent quarter-over-quarter. Revenue per active rider was $51.88, up 13.7 percent year over year.

In July, Lyft announced layoffs of about 60 employees, or 2 percent of its workforce, and a regional consolidation related to its decision to close its direct car rental operations. Last week, the company announced plans to lay off 683 employees, or about 13 percent of its workforce.

During the call, Green thanked those employees who were fired, and added that “although it is difficult, the reduction in validity prepares us for a strong 2023, in which we can focus on execution, knowing that we are in a strong position in the face of external uncertainty” .

Lyft’s Q4 guidance projects revenue between $1.145 billion and $1.165 billion, with revenue growth of 9% to 11% quarter-over-quarter and 18% to 20% year-over-year.

RELATED: Lyft Q2 Results


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