Lyft Q3 Results Beat Wall Street, Lifts FY Revenue Outlook

(RTTNews) - Lyft Inc. (LYFT) Wednesday reported a third-quarter results that beat Wall Street estimates, as active riders and revenues per riders increased. Moving ahead, the ride-hailing company lifted its full-year guidance.

San Francisco, California-based Lyft's third-quarter loss widened to $463.5 million from $249.2 million last year. On a per share basis, loss narrowed to $1.57 per share from $11.58 last year, due to higher number of shares outstanding. Adjusted net loss was $121.6 million or $0.41 per share compared to $245.3 million or $11.41 per share a year ago. On average, 24 analysts polled by Thomson Reuters estimated loss of $1.66 per share for the quarter. Analysts' estimates typically exclude one-time items.

Lyft's revenues for the quarter surged 63% to $955.6 million from $585.0 a year ago. Analysts had a consensus revenue estimate of $915.04 million for the quarter.

"Our third quarter results demonstrated the significant progress Lyft has made on our path to profitability. 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," said Logan Green, co-founder and chief executive officer of Lyft.

Green said the company now expects to be profitable on an Adjusted EBITDA basis in the fourth quarter of 2021.

Active riders in the third-quarter increased 28% to 22,314 as revenue per active rider increased 27% to $42.82.

Looking forward to the fourth quarter, Lyft expects revenues to be between $975 million and $985 million. Analysts currently estimate revenues of $942.64 million

For the full year 2019, the company now expects revenues of $3.57 billion to $3.58 billion, up from prior estimate of $3.47 billion to $3.50 billion. Analysts currently estimate revenues of $3.50 billion.

LYFT closed Wednesday's trading at $44.11, up $0.43 or 0.98%, on the Nasdaq. The stock further gained $0.78 or 1.77% in the after-hours trade.