Welcome to our dedicated page for Lyft news (Ticker: LYFT), a resource for investors and traders seeking the latest updates and insights on Lyft stock.
Lyft, Inc. (symbol: LYFT) is a prominent American ride-sharing company founded in 2012 by Logan Green and John Zimmer. The company's mission is to enhance people's lives with superior transportation options. As of now, Lyft operates in approximately 95 percent of the United States and select cities in Canada, making it the second-largest ride-sharing service provider in these regions.
Lyft connects riders and drivers through its intuitive mobile app, offering a range of ride options that include traditional private rides, shared rides, and luxury vehicles. This versatility allows users to select the best transportation mode suited to their needs and preferences.
In addition to its core ride-sharing services, Lyft has expanded its offerings to include bike- and scooter-sharing systems. These include both manual and electric options to provide users with comprehensive, multimodal transportation solutions. Lyft is also actively involved in promoting transportation equity and sustainability, including initiatives such as carbon offsetting for all rides and partnerships with public transit systems.
Financially, Lyft has seen significant growth since its incorporation in 2013, continually innovating and expanding its services. The company has established several partnerships to enhance its platform, focusing on improving user experience and expanding its market reach. Recent developments include new product launches, strategic alliances, and advancements in autonomous driving technology.
Lyft is committed to creating positive changes in urban environments by reducing carbon footprints and providing accessible, affordable transportation options. With a customer-centric approach and a robust business model, Lyft remains a key player in the evolving transportation industry.
Lyft has announced that Chief Financial Officer Erin Brewer will participate in a fireside chat at the Barclays Annual Global Technology Conference. The event is scheduled for Wednesday, December 11, 2024, at 11:35 a.m. Pacific Time in San Francisco, CA.
Investors and interested parties can access a live webcast of the discussion through the investor relations section of Lyft's website at investor.Lyft.com.
Lyft (Nasdaq: LYFT) announced that its Chief Financial Officer, Erin Brewer, will participate in a fireside chat at the RBC Capital Markets Global Technology, Internet, Media and Telecommunications (TIMT) Conference on Tuesday, November 19, 2024, in New York, NY, at 2:40 p.m. Eastern Time. A live webcast of the event will be available on the investor relations section of the Lyft website at http://investor.Lyft.com.
Lyft reported strong Q3 2024 results with record-breaking performance. Gross Bookings reached $4.1 billion, up 16% year-over-year, while revenue grew 32% to $1.5 billion. The company achieved record Active Riders of 24.4 million (up 9%) and Rides of 217 million (up 16%). Despite a net loss of $12.4 million, Lyft generated Adjusted EBITDA of $107.3 million and free cash flow of $242.8 million. The company announced partnerships with Mobileye, May Mobility, and Nexar for autonomous vehicles, plus a strategic alliance with DoorDash. Lyft raised its FY'24 outlook, expecting mid-teens rides growth and approximately 17% Gross Bookings growth.
Nexar and Lyft (NASDAQ: LYFT) announced a partnership to advance autonomous vehicle (AV) technology development. The collaboration combines Nexar's extensive video telematics data—comprising over 45 petabytes of real-world footage, 200 million miles driven monthly, 5 trillion images, and 59 million videos—with Lyft's anonymized marketplace data. The partnership aims to create comprehensive datasets for AV training and development, focusing on rideshare-specific applications to enhance the commercialization of autonomous vehicles at scale.
Lyft announced multiple autonomous vehicle (AV) partnerships to expand its transportation network. The company will collaborate with Mobileye to make its rideshare platform available to vehicles equipped with Mobileye's self-driving technology. Additionally, May Mobility will deploy autonomous Toyota Sienna minivans in Atlanta starting in 2025. Lyft is also partnering with Nexar to utilize aggregated marketplace and fleet data for improving autonomous technology development. The platform, serving 40 million annual riders in North America, will offer a 'Lyft-ready' model for partners to seamlessly deploy AVs and maximize vehicle utilization.
Lyft and Mobileye have announced a strategic alliance to accelerate autonomous vehicle (AV) commercialization. The partnership will combine Lyft's network of 40 million annual riders with Mobileye's AV technology to create a seamless demand platform for Mobileye Drive™-based AV fleets.
Future AV operators will be able to purchase 'Lyft-ready' vehicles equipped with Mobileye Drive technology and access Lyft's rider demand to optimize fleet utilization. The collaboration will leverage Mobileye's cloud-based AV demand technology and Lyft's AV Partner APIs to monetize AV fleets, aiming to provide faster and broader AV availability to users.
DoorDash and Lyft have announced a partnership to offer exclusive benefits to DashPass members and Lyft riders, starting October 30. DashPass members will receive 5% off on-demand Lyft rides and 10% off scheduled airport rides (up to 4 per month), as well as 2 free Priority Pickup upgrades per month. New Lyft riders will get a 3-month free DashPass trial. Additionally, linking accounts by December 31, 2024, provides 50% off up to 4 scheduled airport rides and one DoorDash order. DashPass members save $5 per eligible order on average and have saved over $10 billion globally since 2018.
Lyft (Nasdaq: LYFT) has announced that it will release its third quarter 2024 financial results after the market closes on Wednesday, November 6, 2024. The company will host a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day to discuss these results and business highlights.
Investors and interested parties can access the live audio webcast of the call on Lyft's Investor Relations page at https://investor.lyft.com/. An archived version of the webcast will be available shortly after the call concludes.
Lyft also highlighted its various channels for disclosing material information, including SEC filings, press releases, public conference calls, webcasts, its investor relations website, X accounts, and company blogs, to ensure broad and non-exclusionary distribution of information to the public in compliance with Regulation FD.
Lyft and Mobilitas Insurance Companies have renewed their commercial insurance partnership for ridesharing coverage in 23 states, effective October 1, 2024. This multi-year collaboration, which began in 2020, continues to support the mobility sector. Mobilitas, known for its expertise in the sharing economy and mobility sector, will provide customizable digital solutions and claims expertise to manage Lyft's business risks related to rideshare.
The partnership has steadily expanded since its inception, growing from 11 states in 2020 to 23 states in 2022. Mobilitas offers coverage for various mobility services, including vehicle sharing, rentals, subscription services, non-emergency medical transport, and last-mile delivery. Both companies expressed enthusiasm about the continued collaboration, emphasizing its role in enhancing safety and reliability in transportation.
Lyft and Smartcar have partnered to address range anxiety, the top concern for EV drivers on the Lyft platform. The new 'Rides in Range' feature ensures EV drivers only receive ride requests within their current battery range, with a 20-mile buffer. Smartcar's API retrieves EV battery level data, allowing Lyft to alert drivers to charge after completing a trip if their battery level is expected to fall below 20 percent.
The feature aims to build an efficient and convenient experience for EV drivers and passengers, eliminating the need for drivers to constantly evaluate battery range for each request. This partnership supports Lyft's goal of reaching 100 million EV rides on the platform by the end of 2025, while addressing a major deterrent to EV adoption in the rideshare industry.
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