Need a Lyft – Q2 Digital Insights

在线视频

Need a Lyft – Q2 Digital Insights

Liat Piazza

Liat Piazza

Investor Intel. Content Manager at SimilarWeb

在线视频Following Lyft’s IPO earlier this year the company’s stock price has had its ups and downs.  Ahead of the company’s second earnings report as a public company, let’s take a look at SimilarWeb’s alternative data to understand what’s been going on at Lyft in Q2.

  • The percentage of Android devices in the US with the Lyft App installed is continuing to grow – but YOY growth is declining
  • The number of Lyft Driver’s Android app’s daily active users in the US decreased by -18% in Q2 2019

Riders

There is a strong correlation between Lyft’s reported active riders and SimilarWeb’s install penetration metric. Therefore looking at the percentage of Android devices with the Lyft app installed (install penetration in SimilarWeb language) is a good metric to understand the number of Lyft’s active riders.

Lyft’s popularity in the US is continuing to increase which can be seen by a steady increase in install penetration since Q3 2017. At the end of Q2 2019 the Lyft app was installed on just over 11% of Android devices in the US compared to just over 8% a year ago.

However both QOQ growth and YOY growth in install penetration in the US is rapidly slowing. QOQ growth in Q2 2019 was just 3%.

And install penetration in the US grew only 38% YOY in Q2 2019 compared to 101% in Q3 2018.

在线视频Not only is app growth slowing but we also see a slow down in the growth of unique visitors to account.lyft.com in the US – where drivers manage their incoming fares and where customers can manage their accounts. YOY growth in unique visitors to account.lyft.com was 13% in Q2 2019 compared to 148% in Q3 2018; and QOQ growth saw a decline of -14% in Q2 2019 compared to a 25% increase in Q3 2018.

The stagnation in growth in install penetration is not unique to Lyft, Uber has also experienced slowing growth in the US and even a decrease in install penetration in Q2 2019. Has the dominance of ride-hailing in the US reached its peak?

Drivers

Looking at the number of daily active users (DAUs) for the Lyft Driver app in the US provides insight into how attractive Lyft is to riders. Theoretically, the more available drivers on the app the shorter the wait time for a ride is likely to be; and shorter wait times are usually more attractive to riders.

在线视频Despite strong growth in the number of Lyft Driver DAUs in the US since H2 2017, in H1 2019 this decreased significantly and rapidly. The total YOY decrease in DAUs was -18% in Q2 2019.

Conclusion

Although Lyft’s app’s install penetration in the US, an indication of active Lyft users, is continuing to increase, the rate of increase is slowing at a fast rate. In addition the amount of drivers using the Lyft driver app in the US is on a downward trend, so we are seeing Lyft dropping off from both the supply (driver) and a demand (rider) angles.

Join investors who are already making better investment decisions. Contact one of our investor specialists now to find out more about our alternative data.


Liat Piazza

Liat Piazza

在线视频 Investor Intel. Content Manager at SimilarWeb

在线视频 Liat is the content marketing manager for SimilarWeb's Investor Solution. Passionate about the value digital data can bring investors, Liat is responsible for creating data-driven content on the digital performance of companies in a number of sectors. Outside of the office you can find Liat running along the beach of Tel Aviv, playing netball, travelling and spending time with her family.


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