US mobility firm Lyft has released it Q4 2023 and Full-Year 2023 results.
An error written into Lyft’s earnings presentation earlier this week sent its shares up by over 60%.
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A rogue ‘0’ meant the outlook for its earnings margin in 2024 was expected to expand by 500 basis points.
This has since been corrected to 50 basis points.
The firm’s full-year 2023 financial highlights included gross bookings of $13.8 billion, which grew 14% year-on-year.
Its revenue of $4.4 billion grew 8% year-on-year.
There was a net loss of $340.3 million, compared with a loss of $1.6 billion in full-year 2022 and included $497.0 million of stock-based compensation and related payroll tax expenses.
Net loss as a percentage of gross bookings was 2.5%, compared with 13.1% in full-year 2022.
Adjusted EBITDA of $222.4 million was down against $416.5 million in full-year 2022.
Adjusted EBITDA margin (calculated as a percentage of gross bookings) was 1.6%, compared with 3.5% in full-year 2022.
CEO David Risher said: “In 2023, the Lyft team set ambitious goals and the results speak for themselves. We reached the highest level of annual riders in our history, delivered over 700 million rides, and helped drivers take home over $8 billion.”
In Q4 2023, gross bookings of $3.7 billion grew 17% year-over-year. Revenue of $1.2 billion grew 4% year-over-year.
