'The greatest gift': Lyft CEO hails self-driving cars after revenue miss
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Lyft (LYFT) CEO David Risher joi...
Lyft (LYFT) CEO David Risher joins AInvest managing editor Adam Shapiro, Interactive Brokers chief strategist Steve Sosnick and The 8:30 host Pras Subramanian to discuss the company's Q3 earnings report and why self-driving cars are what investors are missing.
earnings last night here. Uh, kind of, you know, little mixed results here. Q3 booking bookings ahead of estimates there. Surprise loss due to a due to a sort of a legal settlement there, but in line guidance for gross bookings and things like that. Uh, I want to bring in CEO David Risher. David, uh, thank you for joining us here. Appreciate it. So, I mentioned that guidance decent, underlying performance for the quarter was pretty good, revenue up adjusted EBIDA doing looking well here. What do you think investors are maybe perhaps missing right now?
Yeah. So, I think what happens with a company like Lyft is, you know, you you may maybe I'll kind of step back. I worked for Jeff Bezos for a long time and one of the things that he was always so focused on is don't focus on what changes, focus on what stays the same. What stays the same is people are going to want to get out of their house, they want to go to work every morning, they're going to go to party at night, they're going to, you know, see their mom as she's getting older, whatever it might be. So, we have now, I think it's the eighth consecutive quarter of double digit rides growth, which is amazing. You know, we grew our top line by 17%, we grew our bottom line some 47%, we generated 1.1 billion dollars of cash. So, what's happening there, that's a very strong business. That's a very, very strong core that's just kind of really um operating and operating well. Okay. So what are investors missing? Well, I think what they're very focused on of course is the disruption. And, you know, AI shows up in all sorts of different ways. In our industry, it shows up to the self-driving cars. My contention is that AI AV, self-driving cars, are one of the biggest gifts I could have gotten as a CEO in my life. Because it is going to be a massive dislocation. It's going to be a huge tailwind for the industry because people love the product and it has a good cost structure. And then we think we're very, very well positioned given the ride volume, given the expertise we have in fleet management, given the learnings we have with Waymo and so forth. So, anyway, that's my contention. But I think, you know, investors sort of sitting around and they see uncertainty and it kind of spooks them. I see, you know, quarter after quarter after quarter of performance and a really great position for the future.
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