Lyft shares rise after ‘great’ quarter, improvement in driver supply

Lyft shares rise after 'great' quarter, improvement in driver supply
Lyft shares rise after great quarter improvement in driver supply


Lyft Inc. revenue increased 73% year over year during what its CEO called a “great” third quarter as ride-hailing continued to recover, the company said Tuesday. Lyft
LYFT,
-2.33%
also said it achieved record revenue per rider, and that it posted its second consecutive quarter of adjusted Ebitda profitability.

“Driver supply materially improved in Q3, up nearly 45% versus last year, reflecting strong new driver trends,” Logan Green, co-founder and chief executive of Lyft, said in a news release.  Lyft shares rose about 4% after hours, after falling 2.3% in the regular session to close at $45.32.  The company said it had 18.9 million active riders, short of analysts’ expectation of 19.6 million. The San Francisco-based company reported a net loss of $71.5 million, or 21 cents a share, compared with a loss of $459.5 million, or $1.46 a share, in the year-ago period. Adjusted for stock-based compensation and payroll-tax costs, net income was $17.8 million. Revenue rose to $864.4 million from $499.7 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 2 cents a share on revenue of $862.4 million. Lyft stock is down more than 5.5% so far this year, but has risen 89% in the past 52 weeks. By comparison, the S&P 500 Index
SPX,
+0.37%
is up about 22% year to date and about 39% in the past year.



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