Let's get back to earnings and Lift the right Chair company reported before the bell this morning. CEO David Risher joins us live from New York City to discuss and the basics of it are that bookings, the outlook, missed estimates or street expectations, that the stock is down significantly. What is happening right now with Lift, the environment that Lift finds itself in.
Yeah, so, hey, it's good to see you again. I mean, look, it's to me, it's a little curious, right, And this is sort of the way the world works sometimes. So we just had our first profitable quarter ever, which is an enormous accomplishment thanks to a lot of work for
the team. Revenue grow forty percent year on year, Bookings and rides around midteen, seventeen percent, two hundred and fifty six million dollars of free cash so just and service levels that are fantastic, fastest pickups we've had in a long time, Fastest are more drivers than we've ever had. So all those things are incredibly strong and they indicate a strong marketplace. And we reiterated our full year guidance and our multi year guidance as well. Yes, mid team growth, so all
those things were good. I think what people are looking at is they're seeing what I would consider to be, you know, incredibly small, you know, sort of kind of adjustment around what we've said about the future the next next quarter, in the next couple of quarters. And this to me sort of signifies, you know, sort of the
world we live in. Like the things that we think about are one hundred and sixty billion rides in the US in total private cars, and we are little by little, you know, in a very very disciplined and customer obsessed way growing our business. You know, I think Wall Street sometimes looks at short term things and gets a little bit overly focused on that. I'm thinking about the long term and super excited about the prospects.
David. There's some David Risher's strategy and plans that I see playing out, like price lock. Yeah, a paid feature that's going to have an impact maybe on the top and bottom line. But why, why is that the plan for you?
Yeah? So price lock is a way for riders to lock in a price just like it sounds like, on the same route and same time every day. It's really in first met for commuters, and it's available today by the way. I encourage everyone to check it out. It's kind of in soft launch, and the idea is it takes away that what I think is one of the most hated features of all ride share, which is which is surge pricing, right and trying to get rid of it.
You can never get rid of it completely, but we can certainly give writers a way to basically pay some all subscription fee and lock themselves into a consistent price. I think it's great and I think it's the sort of thing that's going to grow the business in the long term. Of course, it's an investment, right, and you always, you know, invest in new features that you have a lot of conviction around. But this again is our customer
obsession is what drives profitable growth. Again, we're profitable now and we think there's going to be a great growth driver for us.
Advertising is a battleground as well. You know, I am so familiar with the lift ap but why is advertising the way to go? And what with who with?
What?
Right you think about parallel industries?
Yeah, so, you know, think about you know, of course, let's let's zoom wig out for a second. Since the history of advertising, you know, brands have tried to come up with new ways to talk to their consumers, right, and one hundred years ago, maybe it was billboards, then maybe it was radio ads, then maybe TV ads. Obviously
more recently internet advertising. We see this kind of mobile advertising literally advertising that comes to you in the car where you're going, as an incredibly important effectually a sector that we're really going to help build out because if you think about it and reflecting on some of the earlier conversations you were having around Reddit, for example, we have an enormous amount of first party data, right, two million rides a day, every one of them going to
a seven to eleven or a Starbucks or whatever it might be, and that's first party data that's very indicative of what it is that riders want to do. And so our media business has grown significantly. We're up significantly year on year, and we're really optimistic that it's going to be a whole new form of advertising and media that'll go super great.
David, when I reported that Tesla was delaying its Robotaxi event to October, the shares of your company jumped in that session. The vision is a proprietary app from Tesla for ride hailing, but a fleet of cars that drive themselves. Tesla's. Your stock went up on the basis that everyone was like, Okay, the competition from Tesla's not yet coming. Just your latest thinking on that, please.
Yeah. Look, I think avs are going to be great for LIFT, I really do. And I think it's because we're going to be the best way to commercialize what is a very very expensive asset. Different companies will try different things, but I think largely you'll have a lot of OEMs doing a lot in the av space and wanting them on our platform because of you know, millions of rides, all the technology we have to incorporate cars in our platforms and so forth. I don't want to
comment on Tesla. I don't know. You know, we'll see kind of how that goes. But I do think that creating your own thing a kind of closed network is it's a front strategy, and maybe a different strategy would be to figure out a way to get your cars that you've built and your technology, you know, as broadly available to as many as possible.
David Richard, the CEO of Lyft, thank you so much for joining us.