Lyft: Business Rebound Spurs Q4 Corp. Recovery

Managed bookings through ride-hailing provider Lyft’s business platform increased more than 60 percent year over year, fueled in particular by recovering healthcare and retail segments and a general return to large conferences and events, executives said late Thursday during the company’s quarterly earnings call.

Additionally, airport traffic reached 10.4 percent of total fourth-quarter rideshare rides, with the absolute number up 25 percent year over year, co-founder and CEO Logan Green said on the call. Green cited “continued strong adoption” of Lyft Business offerings, “particularly in the healthcare and retail verticals.”

Lyft co-founder and president John Zimmer said healthcare-related bookings, counted among Lyft Business, increased 92 percent in the fourth quarter from 2019 levels. 

“We’re seeing the return of large events and conferences and Lyft Business managed bookings grew by more than 60 percent year over year,” Zimmer said. “And we’re going to keep leaning in. We think that’s a really nice margin opportunity and growth opportunity.”

Q4 Results

Lyft reported fourth-quarter revenue of nearly $1.18 billion, up 21 percent year over year, and its net loss widened to $588.1 million from $283 million one year prior.

The company reported full-year 2022 revenue of about $4.1 billion, up 28 percent from 2021, and a net loss of $1.58 billion, compared with a net loss of $1.06 billion one year prior.

Fourth-quarter active riders increased 8.7 percent year over year to nearly 20.4 million.

The company projected first-quarter revenue of about $975 million. Lyft share price fell sharply after the report. 

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