Strong Spring Break Not Enough for Lyft to Catchup to Uber

Key Takeaways:

• Uber’s 1Q23 earning results were driven by an increase in consumer and driver engagement and impressive active driver growth. Uber reported 13% YoY growth in its reported MAPCs (Monthly Active Platform Consumers) which was inline with ST MAU estimates for the Uber app (+14% YoY)

• ST Consumer Intel data corroborated Uber’s noted increase in consumer and driver engagement, as weekly average time spent per user on the Uber and Uber Driver app in 1Q23 increased 5% and 12% YoY, respectively, while sessions counts jumped 5% and 15% YoY, respectively

  • Power User data supports an uptick in Uber and Uber Driver app loyalty among the most frequent users. Uber users opening the app 15+ days/month jumped to 5% in Mar’23 (vs 4% in Mar’22 and 3% in Mar’21) while Uber Driver app users opening the app 15+ days/month in Mar’23 increased to 21% (vs 19% in Mar’22 and 18% in Mar’21)

• Although 1Q23 Lyft MAUs increased inline with Uber MAUs (both +14% YoY, per ST) on outsized spring break travel demand, Lyft has struggled to foster growth in its driver supply: Lyft Driver app MAU growth in 1Q23 was flat YoY compared to +13% for the Uber Driver app as Lyft’s lack of international exposure coupled with its pureplay status weighed on opportunities to increase its supply of drivers

  • ST data indicates that the Uber Driver app saw material MAU growth in international markets as 1Q23 MAUs reached all-time highs in Brazil (+40% YoY), Mexico (+32% YoY), India (+30% YoY), France (+8% YoY), UK (+7%), and Australia (+7% YoY). Uber’s 1Q23 earnings corroborated an uptick in mobility active drivers in a majority of these markets during the quarter

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