Lyft Inc Stock Price, News & Analysis

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 An archived version of the webcast will be available shortly after the call concludes.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.

Lyft (Nasdaq: LYFT) has announced that CEO David Risher and CFO Erin Brewer will participate in a fireside chat at the Goldman Sachs Communacopia & Technology Conference. The event is scheduled for Tuesday, September 10, 2024, at 10:50 a.m. Pacific Time in San Francisco, CA.

Investors and interested parties can access a live webcast of the fireside chat through the investor relations section of the Lyft website at http://investor.Lyft.com. This event provides an opportunity for Lyft's leadership to discuss the company's strategies, performance, and future outlook with industry analysts and investors.

Lyft and Payfare have announced new features for the Lyft Direct debit card and banking app, designed to enhance financial well-being for Lyft drivers. Key additions include:

• Lyft Direct Savings: A high-yield savings account with competitive interest rates
• Balance Protection: Access to up to $200 for unexpected expenses
• Enhanced Cashback Rewards: Up to 12% cashback on EV charging, 10% on gas, and 5% on dining for elite drivers
• Wellness Perks: Health and financial wellness tools through Avibra
• Spend Insights: Detailed analysis of spending habits
• Cash ATM Deposits: Ability to deposit cash at participating ATM locations

These features aim to provide Lyft drivers with better financial management tools and support their overall financial health.

Lyft (NASDAQ:LYFT) reported strong Q2 2024 results, marking its first-ever quarter of GAAP profitability. Key highlights include:

- Gross Bookings up 17% YoY to $4.0 billion
- Revenue up 41% YoY to $1.4 billion
- Net income of $5.0 million, compared to $(114.3) million loss in Q2'23
- Adjusted EBITDA of $102.9 million, up from $41.0 million in Q2'23
- Free cash flow of $256.4 million, compared to $(112.2) million in Q2'23

Operationally, Lyft achieved all-time highs in Active Riders (23.7 million) and Rides (205 million). The company also saw significant growth in Canada and during events like Pride and college graduations.