- Lyft reported its third quarter earnings on Wednesday afternoon.
- Wall Street analysts expected the company’s financial losses to shrink, and were closely watching total ridership numbers.
- By many metrics, Lyft could outshine Uber this quarter. Uber reports its financials on Monday.
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Lyft reported third-quarter earnings on Wednesday that topped Wall Street’s expectations and set a new record for revenue.
Here are the key figures:
- Earnings: $-0.41 per share versus an expected $-0.72 per share
- Revenue: $$US955.6 million versus an expected 916.2 million
- Active riders: 22.3 million versus an expected 22 million
Revenue per active rider, a closely watched metric in the industry, also rose to $US42.82 for the quarter, up from $US33.63 a year ago.
“Our third quarter results demonstrated the significant progress Lyft has made on our path to profitability,” CEO Logan Green said in a press release. “Record revenue was generated by strong growth in both Active Riders and Revenue per Active Rider as we continue to increase engagement through product innovation and execution.”
Shares of Lyft gained about 3% in after-hours training following the release.
Lyft raised its guidance for the full year on both revenue and EBITDA. Revenue is now expected to fall between $US3.57 billion and $US3.5 billion, up from $US3.47 billion to $US3.50 billion. EBITDA losses are now expected to be between $US708 million and $US718 million where the range was previously $US850 million to $US875 million.
Last week, Lyft surprised investors when CEO Logan Green said the company expected to turn a profit one year sooner than expected by analysts, in the fourth quarter of 2021. Shares exploded as much as 11% on the news.
“We’ve never laid out our path to profitability, and we know that’s a question on a lot of investors’ minds,” Green said at a Wall Street Journal tech conference, adding, “We’re going to be profitable on an adjusted EBITDA basis a year before analysts expect us to.”
The company is hosting a conference call with investors and analysts at 5 pm to discuss the results.
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