Lyft reported first quarter income of $609 million, a 36 %
12 months over 12 months drop, however a 7 % improve from $569.9 million within the fourth
quarter of 2020, the ride-hail firm introduced in its incomes name Tuesday.
The variety of energetic riders in Q1 amounted to 13.5 million, down
36.4 % from the identical interval final 12 months, however nonetheless increased than 12.6 million
in This fall 2020. Income per energetic rider was $45.13, up from $45.06 within the first
quarter of 2020.
“We had an exceptionally robust Q1 as extra folks began transferring
once more,” mentioned Lyft CFO Brian Roberts. “Our outcomes meaningfully
exceeded our outlook pushed by elevated demand throughout our community.”
Web Q1 loss amounted to $427.3 million, up from $398.1 million in
the identical interval final 12 months. Adjusted EBITDA loss for Q1 2021 was $73 million, an
enchancment of $12.2 million in comparison with the primary quarter of 2020 and an
enchancment of $77 million in comparison with the fourth quarter of 2020.
Lyft expects driver
supply to ramp up within the months forward, particularly in Q3. Lyft CEO Logan
Inexperienced cited a number of developments rising driver provide: dropping Covid-19 instances,
extra vaccinated drivers, federal unemployment sunsetting within the third quarter
and diminished meals supply demand because the financial system opens again up.
Q4 & Full-Year Earnings