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The past few months have hailed good news for Lyft investors all around. Not long ago, Lyft announced the exclusive launch of GM’s self-driving vehicles through its platform. Now, according to Recode: in a recent monthly letter the company sent to its investors, Lyft noted that it completed 13.9 million rides in the month of July.

Background/Context:

Lyft cheered on its record month, which saw consumers hail a staggering 1.5 million more rides than in June – and blowing past their previous record month of 12.7 million rides in May.  Not only that, the ride-sharing company saw its  volume of monthly active users surpass 3 million for the first time ever.

The hike on number of rides is a good change of pace for Lyft. Since just a couple of months ago, Bloomberg reported on Lyft’s memo to its investors, where Lyft told investors that it expects the number of rides it handles to be flat or down for the month June, compared with May.

Good News:

This week’s announcement of almost 14 million rides in the month of July is an exciting achievement for the company and its investors alike. Compared to June’s performance, July comes in with 1.5 million more rides (or 12 percent more), and amounts to 167 million rides on an annual run-rate basis, according to the document retrieved by Recode.

 More interesting facts about Lyft’s growth:

  • Lyft now performs at least 250,000 rides per month in 17 different markets
  • Lyft concierge service (trips booked by businesses for clients) grew by a factor of 5
  • 14% increase month over month in rides not subsidized or otherwise paid for by the company (using coupons or credits)

Lyft attracted the largest number of new passengers and drivers in a single month, as well as the highest number of active passengers and drivers since inception

-Lyft (2016)

 

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