Leaked Lyft numbers show it had a record May, but growth could be 'flat' after that
Lyft
Despite having a record May, Lyft cautioned its investors that its ride volume would stay flat or possibly dip lower thanks to the "headwinds" of college students going home for the summer and its retreat from Austin. Even with the slow down, the company said that it plans to be on track to beat its projected growth by 35%.
At that pace, the ride-hailing company said the net value of its rides is on track for a nearly $1.9 billion run rate, or a total net value of its rides over 12 months.
Here are some of its latest numbers from its May update:
- Q2 ride volume: Expected to beat by approximately 35%
- Loss: Lyft remains on track to not lose more than $600 million per year
- Monthly ride volume: Rides increased by nearly 1.3 million month-over-month to 12.7 million, a new record for the company. At that pace, Lyft predicts its will complete around 152 million rides this year
- Net ride value: ~ $1.9 billion run rate (new record in May)
- Fully paid (non-discounted) rides: The number of Lyft rides taken without a coupon or other discount increased 5% from April. 2016 so far has already exceeded all of 2015 for paid rides
- 14 markets are doing more than 300,000 rides in May, compared to only two cities last year
- Lyft had 2.8 million unique passengers in May (another record) and added 320,000 from April
- Rides per active passenger increased by nearly 25% year-over-year
On Monday, Lyft was reported to be working with Frank Quattrone's Qatalyst Partners, a banking firm known for selling tech companies. According to the Wall Street Journal, Lyft's involvement with the firm could mean that it's either looking to sell or to raise money from new investors. While Lyft has been growing rapidly, it still needs to find a way to sustain its momentum in light of its well-funded opponent. Its competition, Uber, recently raised $3.5 billion from Saudia Arabia's sovereign wealth fund.
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