Monthly rides increased by 1.3 million month over month, leading the company to forecast 152 million completed rides for this year.Its annualized run rate, which is calculated by multiplying its current monthly gross revenue by 12, is now $1.9 billion.
Lyft had 2.8 million unique passengers in May.
While rides increased 11% from April to May, Lyft only saw a 5% increase in fully paid rides, meaning rides without a discount or credit used to entice new passengers.
Lyft is still on track to lose no more than $600 million this year, excluding legal settlements. That is in line with the $50 million monthly cap on spending it promised investors back in April.