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Lyft Investor Memo Reportedly Warns of June Slowdown – Fortune

Lyft completed a record 12.7 million rides in May.It still expects to beat its second quarter ride volumne projections by 35%. 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 […]

Lyft completed a record 12.7 million rides in May.It still expects to beat its second quarter ride volumne projections by 35%.

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.

Source: Lyft Investor Memo Reportedly Warns of June Slowdown – Fortune

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