Ride-hailing provider Lyft reported $1.05 billion in third-quarter revenue, an all-time high, but its net loss widened. Still, managed bookings through the Lyft Business platform more than doubled year over year, according to the company.
Lyft’s third-quarter revenue increased 22 percent year over year, and 6 percent quarter over quarter, according to the company. Despite the record revenue, Lyft’s net loss for the period was $422.2 million, compared with a loss of $99.7 million a year prior and a loss of $377.2 million in the second quarter.
Still, the company’s “airport trips accounted for 10.4 percent of rideshare rides in the third quarter, beating the record set last quarter,” Lyft co-founder and CEO Logan Green said during a Monday earnings call. “Additionally, Lyft Business managed bookings grew by 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 third-quarter active riders grew 7.2 percent year over year to more than 20.3 million and were up about 2.3 percent quarter over quarter. Revenue per active rider was $51.88, an increase of 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 shutter its direct car-rental operations. Last week, the company announced plans to terminate 683 employees, or about 13 percent of its workforce.
During the call, Green thanked those employees who were let go, and added that “while difficult, the reduction in force sets us up for a strong 2023, where we can focus on execution, knowing we are in a strong position in the face of external uncertainty.”
Lyft’s fourth-quarter guidance projects revenue to be $1.145 billion to $1.165 billion, with revenue growth of 9 percent to 11 percent quarter over quarter and 18 percent to 20 percent year over year.
Lyft Q2 results
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