Lyft wants to kill surge pricing

Lyft has been cutting fares in order to secure more riders, and it’s working. But that success has come with a (literal) cost.

The ride-hail company reported Tuesday during its second quarter 2023 earnings an increase in riders and decrease in revenue per active rider. That discrepancy was fueled by a decision by the company to “price in line with the market,” according to CEO David Risher.

Lyft’s revenue per rider decreased almost 5% quarter-over-quarter, while the number of active riders increased in the second quarter to 21,487 riders, up from 19,552 in the first quarter.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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