Lyft Stock Drives Higher After Better-Than-Expected Q3 Results
Lyft, Inc (NASDAQ:LYFT) shares are up after the company reported its third-quarter results after Wednesday's closing bell. Here's a look at the details.
The Details: Lyft reported quarterly losses of three cents per share which beat the analyst consensus estimate for losses of four cents. Quarterly revenue came in at $1.52 billion which beat the analyst consensus estimate of $1.44 billion and is an increase over sales of $1.15 billion from the same period last year.
- Lyft reported gross bookings of $4.1 billion, up 16% year-over-year.
- Free cash flow of $242.8 million for the quarter.
- Record Active Riders of 24.4 million, up 9% year-over-year.
- Record Rides of 217 million, up 16% year-over-year.
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“Our team delivered one of the strongest quarters in Lyft history, following the many new innovations we’ve brought to drivers and riders so far this year,” said CEO David Risher. “Going forward, our work with best-of-breed partners and the autonomous future we’re building will give people even more reasons to choose Lyft every time.”
Outlook: Lyft sees fourth-quarter gross bookings in a range of $4.28 billion to $4.35 billion and expects fiscal year gross bookings to grow approximately 17% year-over-year.
LYFT Price Action: According to Benzinga Pro, Lyft shares are up 19.31% after-hours at $17.18 at the time of publication Wednesday.
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