Lyft's Financial Triumph in Q4 2024

Lyft Inc. has reported a significant 27% increase in its fourth-quarter revenue for the fiscal year 2024, amassing a total of $1.6 billion. This period also saw the company turning a net income of $61.7 million, marking a positive shift from the previous year's net loss. Additionally, Lyft experienced a 15% rise in gross bookings, totaling $4.3 billion.

Annual Growth Highlights

Throughout the entire year of 2024, Lyft's revenue surged by 31% compared to 2023, culminating in $5.8 billion. The company achieved a net income of $22.8 million, a stark contrast to the previous year's figures. Gross bookings also saw a 17% increase, reaching $16.1 billion. Notably, Lyft posted diluted earnings per share (EPS) of $0.06, a significant improvement from the losses per share of $0.88 recorded year-on-year.

Executive Insight

"We not only met but exceeded every target set at our investor day, and the exciting part is that 2024 was merely the start of our multi-year strategy," stated Lyft's Chief Financial Officer, Erin Brewer. Following the announcement of these results, Lyft's Class A Common Stock experienced a 10.28% drop in after-hours trading.