![]() You talk about food delivery, we're not interested in bringing stuff to you. You talked about international, we're really North American-focused. There, you just said three different things. If I put that question to you, when you think about it, what are Lyft's competitive advantages?ĭAVID RISHER: So I think focus is a huge advantage. They probably mention their international footprint. If I was to ask Uber what do you think their competitive advantages are, they might say, David, scale, food delivery. JOSH LIPTON: Let's also talk about the competition and competitive advantages. So I think that's what's going to drive our margins up. But it's now a small, it could be a half $1 billion business someday. I mean, think of all the different restaurants you go to, think of all the different ways you interact with other businesses while you're in a Lyft, that's a big business for us. ![]() Our Lyft Media business, which we're just in the early days for. ![]() What I think starts to grow that margin, though, are when we can get customers to trade up, for example, comfort- Extra Comfort is a new product we have, if you want to have a little bit more comfortable ride, newer car, quieter car. I'll just say it that way, like, kind of where we think we're going to be longer term. And the margin there kind of is what it is. I mean, if you think about it, we have a base product, kind of the Lyft classic product. JOSH LIPTON: Long-term margins, how do you think about that?ĭAVID RISHER: Yeah. And then we'll tell you about, obviously, when it's going to happen when we're ready. And that's the way we want to be, we want to deliver. And he had an interesting point at the end where he says, look, I sometimes get timing wrong, but I deliver. You know, I was just listening to Elon Musk yesterday. Any successful company has to be profitable. So on profitability, we haven't said publicly yet when that's going to happen. I think investors, David, want to know when does Lyft hit that milestone? When do you think you hit that bogey? I'm also interested to get your take on long term, what do you think the margins for this business look like?ĭAVID RISHER: Yeah. It looks like Uber now firmly profitable. Let me ask you another issue, profitability. That's the sort of stuff, which drives share up, because, if you're a woman want to drive with a driver, you've only got one choice, that's Lyft. We just launched Women Plus Connect, which lets riders and drivers who are women connect to each other. When I started, I think it was around 27.īut what I'm really excited about is how much riders and drivers are responding to what we're doing. Right now, it bounces around maybe 30%, 31%, 32%, 33%, something like that. And I look at it as an indication of whether our riders and our drivers are responding. Where does that stand right now, David? And do you see where you stand right now is stable?ĭAVID RISHER: So I mean, the truth is, I'll start with this, I actually don't obsess over market share. JOSH LIPTON: Let me ask some questions, too, David, I know top of mind for investors. So it's that sort of innovation really focused on what customers want that's going to drive our growth and our profitability. And that's enough to actually get an Uber if you actually need it. If we are late to pick you up for the airport, we will literally pay you up to $100. We just launched something called an online pickup promise, for example. So you're going to hear me talk about customers over and over again. So our focus and our thesis is customer obsession drives profitable growth. As we roll into 2024, David, what is ahead for Lyft? And all the investors who are watching right now, why should they be excited about Lyft story?ĭAVID RISHER: Yeah. It's a focus on innovation, new features. JOSH LIPTON: I thought we just would start kind of high level. David, thank you for being here.ĭAVID RISHER: It's great to be here, Josh. However, amid the fierce competition in the ride-sharing space, where's Lyft's destination headed to next? Joining me now is Lyft CEO David Risher. Stocks seeing gains of about 6% year-to-date. ![]() JOSH LIPTON: Lyft making its way toward bolstering its bottom line as ride growth accelerates each quarter so far this year. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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