Lyft Stock Races Higher After Q4 Results

Lyft, Inc. LYFT reported its fourth-quarter financial results after the bell Tuesday. Here's a look at the highlights.

The Details:

Lyft reported quarterly sales of $1.22 billion which met the analyst consensus estimate and is a 4.22% increase over sales of $1.18 billion from the same period last year. The company reported fourth-quarter gross bookings of $3.7 billion, up 17% year-over-year.

The company also reported full-year revenue of $4.4 billion which grew 8% year-over-year, and number of rides in the fourth-quarter increased 26% year-over-year, driven by strong rideshare demand.

“Lyft’s outstanding Q4 performance demonstrates our team’s incredible work to build a solid foundation for profitable growth,” said CFO Erin Brewer.

“We’ve entered 2024 with a lot of momentum and a clear focus on operational excellence, which positions the company to drive meaningful margin expansion and our first full-year of positive free cash flow,” Brewer added.

Lyft sees first-quarter gross bookings in the range of $3.5 billion to $3.6 billion.

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LYFT Price Action: According to Benzinga Pro, Lyft shares are trading up nearly 24% after-hours at $15.00 at the time of publication.

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