Economically, Lyft has been performing so well recently. Why wouldn’t? If it is making moves to reach out to more locations. Here’s the scoop.
Lyft stocks surge
During late trading today, shares in Lyft surged to over seven percent following its beating earnings projections, posting record-breaking ride volumes, and announcing a major stock buyback plan that boosted investors’ confidence.
Lyft CEO David Risher explained how the first quarter marked the 16th consecutive quarter of double-digit year-on-year gross bookings growth, demonstrating “the resilience and momentum” of the company’s customer-obsessed strategy. This strategy is equivalent to a customer-first approach.
Risher additionally said, “In the last week of March, rides reached the highest weekly levels in our history, and dual-app drivers reported a 23-percentage-point preference for Lyft. With our expansion into new demographics via Lyft Silver and into Europe with our planned FreeNow acquisition, we’re putting all the pieces in place for sustained, market-leading performance.”
Those are all credited to Lyft’s first-quarter performance, during which the company reported adjusted earnings for each share of 24 cents, up from seven cents for each share during last year’s first quarter.
Revenue is also up $1.45 billion, which is 14 percent higher year over year. Furthermore, earnings per share have beaten analysts’ predictions of 19 cents.
Despite revenue falling short of the target of $1.47 billion, what impressed investors earlier today was Lyft’s strong rise in gross bookings, showcased by the 13 percent year-over-year increase to $42 billion and rides up to 16 percent to 218.4 million. Whoa. Plus, the number of active riders also increased to 11 percent, at 24.2 million.
Why so?
This growth could also be due to the platform’s recent projects. The launch of the historic Lyft Silver is one, a service designed for senior citizens. Lyft Silver features a much simpler interface, live phone assistance, and options to share trip details, reflecting Lyft’s push to serve a growing demographic who are not too well-versed in the standard app.
Moreover, if you don’t know yet, Lyft also started piloting an AI-powered Earnings Assistant aimed at helping drivers boost their income. This tool provides personalized guidance on where and when to drive, using real-time information for earnings optimization and driver efficiency improvement.
As for the cities expansion, Lyft is planning to expand beyond just the major cities in the United States, out into smaller markets. This will be implemented using $500 million of the authorization in the next 12 months. However, a timeline was not specified.
Lyft coupons
That’s the story of Lyft for today. Meanwhile, here are some Lyft coupons to enjoy:
- 2 Free Rides: Get two free rides with this voucher, valid until 2026.
- 60% Off 3 Trips: Grab your 60 percent discount when you book three trips with Lyft.
- 50% Off 3 Rides for New and Existing Users: New and existing users will get their 50 percent off three rides with Lyft. How about that?
What are you waiting for? Sign up on Lyft now and register your account here on this site, too.