Lyft Sees Airport Ridership Percentage Approach 2019 Levels
Rideshare company sees rapid revenue growth in 2022 >>
by: Harvey Chipkin
Airport rides reached 9% of ride volume in the fourth quarter, close to the 9.4% levels in the fourth quarter of 2019, said Elaine Paul, CFO of Lyft, in a fourth-quarter earnings call for the rideshare company. Airport rides are longer and the revenue is higher per ride, she said. Paul said overall ridership in November and December ticked down from October, but rides in both months increased by more than 30% versus 2020. Active drivers reached a pandemic high in the fourth quarter, she said, and new driver activations remained robust, up nearly 50% in the quarter versus the previous year. By growing supply, she said, “we were able to support an improving marketplace balance and a higher volume of rides.” As a result, said Paul, fourth-quarter revenue of $970 million was up 70% year over year. For the full fiscal year, she said, Lyft achieved revenue of $3.2 billion, an increase of 36% versus 2020. For full year 2022, she said, the company is “cautiously optimistic” that it will grow revenues faster than the 36% growth achieved in 2021. John Zimmer, president, said on the call that since 2017, Lyft riders who have chosen to link their Delta Air Lines SkyMiles accounts have earned more than two billion SkyMiles while riding with Lyft. Lyft riders, he said, can also access real-time Delta flight information in the Lyft app. This is a “first of its kind experience” available only through Lyft, said Zimmer, “to simplify our riders’ journey and give them access to information they can use to make decisions about their travel.”
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