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SENSOR TOWER · ABRAHAM YOUSEF · NOVEMBER 2023
Lyft and Uber Q3 2023 Earnings Recap
Uber's reported EPS and revenue in 3Q23 fell short despite growth in MAPCs and drivers. Sensor Tower MAU data supports Uber's claims of strong growth in international markets. Competitor Lyft exceeded expectations and saw driver supply, engagement, and rider growth in line with ST estimates. Furthermore, ST data shows that Lyft is likely advertising more aggressively than Uber in the US.
Key Takeaways:
Uber’s reported 3Q23 EPS and revenue missed the mark despite a strong showing in mobility bookings, MAPCs, and driver supply growth. Per ST data, Uber 3Q23 MAUs increased 8% YoY, in line with an increase in reported MAPCs (+15% YoY) as growth accelerated slightly from 2Q23 on summer travel momentum
Uber also noted good progress in several large, underpenetrated markets including Spain, Germany, Argentina, Japan, Italy, and South Korea, which was largely supported by ST data as MAUs in those countries increased an average of 13% YoY in 3Q23
Lyft’s 3Q23 earnings beat estimates, partially driven by MAU growth of 4% YoY (per ST) while reported active riders increased 10% YoY. The company noted that it saw more drivers and riders on the platform in 3Q23, prompted by its promotional initiatives. ST data corroborates increased momentum in Lyft’s driver supply with Lyft Driver app MAUs up 10% YoY in 3Q23, compared to -7% YoY in 3Q22, and -9% YoY in 3Q21
ST data also supports Lyft’s statement that drivers are likely driving more often as user frequency has increased significantly on the Lyft Driver App with users opening the app 10 days/month (on average) in 3Q23 compared to 8 days/month in 3Q22
As of 3Q23, Uber had more than 2x the amount of US MAUs that Lyft did, which places further onus on Lyft to drive user acquisition. Nearly 20% of Lyft’s 3Q23 US downloads came from the web browser and paid sources, nearly 2x that of Uber’s (10%)
For more information, request the full report from reports@sensortower.com.
