Lyft Q1 revenue increased by 13.8% year-on-year, surpassing expectations; Q2 booking performance expected to be strong

Lyft announced on May 8 that its first-quarter revenue increased by 13.8% year-on-year to $1.65 billion, exceeding market expectations of $1.63 billion. Earnings per share were $0.04, slightly below market expectations of $0.05. During the period, ride services reached 236.9 million, lower than the market expectation of 242 million, due to a winter storm during the quarter that reduced demand by more than 3 million rides. Lyft expects second-quarter total bookings to be between $5.3 billion and $5.43 billion, higher than market expectations of $5.32 billion. It anticipates adjusted core profit to be between $160 million and $180 million, while market expectations are around $167 million.