Lyft Inc LYFT reported fourth-quarter financial results after the market close on Tuesday. Here’s a rundown of the report.

Q4 Earnings: Lyft reported fourth-quarter revenue of $1.6 billion, beating analyst estimates of $1.56 billion, according to Benzinga Pro. The company reported fourth-quarter net income of $61.7 million, versus a loss of $26.3 million in the prior year’s quarter. Adjusted EBITDA totaled $112.8 million in the quarter.

Total revenue was up 27% on a year-over-year basis. Gross bookings totaled $4.3 billion in the quarter, up 15% year-over-year. Active riders totaled 24.7 million in the fourth quarter, up 10% year-over-year. Total rides came in above 219 million, up 15% year-over-year.

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Lyft’s board authorized a share repurchase program of up to $500 million of the company’s common stock. The company ended the quarter with $759.32 million in cash and cash equivalents.

“2024 was a record-smashing year for Lyft. Thanks to our industry-leading service levels, we helped 44 million people across the U.S. and Canada get off their tuchuses,” said David Risher, CEO of Lyft.

“But we’ve got more to do. Our biggest competition is inertia. 2025 will be the year we show millions of riders and drivers: You’ve now got a better rideshare choice.”

Outlook: Lyft expects first-quarter gross bookings of approximately $4.05 billion to $4.2 billion, representing growth of 10% to 14% year-over-year. The company sees first-quarter rides growth in the mid-teens year-over-year.

Lyft executives will further discuss the company’s quarterly performance on a conference call set for 5 p.m. ET.

Price Action: Lyft shares were down 9.31% after hours, trading at $13.01 at the time of publication Tuesday, per Benzinga Pro.

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