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Jun 30, 2023
Lyft Q2 2023 Earnings Report
Lyft's Q2 2023 financial results were announced, revealing a mix of growth and challenges as the company focuses on customer satisfaction and market expansion.
Key Takeaways
Lyft reported a 3% year-over-year increase in revenue to $1.021 billion, driven by an 18% increase in rideshare rides. The company's net loss was $114.3 million, an improvement compared to previous quarters. Adjusted EBITDA was $41.0 million, with a margin of 4.0%.
Revenue increased by 3% year-over-year to $1.021 billion.
Net loss improved to $114.3 million compared to $377.2 million in Q2 2022.
Adjusted EBITDA was $41.0 million, a significant increase from $(196.3) million in Q2 2022.
Rideshare rides grew by 18% year-over-year.
Lyft
Lyft
Forward Guidance
Lyft anticipates Q3 2023 revenue between $1.130 billion and $1.150 billion, with Adjusted EBITDA between $75 million and $85 million and an Adjusted EBITDA Margin of approximately 7%.
Positive Outlook
- Revenue of approximately $1.130 billion to $1.150 billion
- Adjusted EBITDA between $75 million and $85 million
- Adjusted EBITDA Margin of approximately 7%
- Strong ride momentum going into Q3 and the back half of the year
- Focus on delivering great experiences for drivers and riders
Challenges Ahead
- Uncertainty regarding reconciling items such as stock-based compensation and income tax
- Reconciling items could have a significant effect on future GAAP results
- Limited operating history
- Macroeconomic environment
- Potential variability of reconciling items