Lyft Inc LYFT shares are trading higher after reporting third-quarter earnings.
Earnings: Rideshare company Lyft reported third-quarter revenue of $499.7 million, which beat the Street consensus target of $486.5 million.
Revenue declined 48% year-over-year in the third quarter, but rose 47% from the second quarter.
The company reported a net loss of $280.4 million for the third quarter.
The adjusted loss of $1.46 per share missed the consensus predicting a loss of 91 cents per share.
Improving Results: Lyft reported 12,513 active riders in the third quarter. This figure was down 44% year-over-year, but was up 44% from the prior quarter.
Revenue per rider improved to $39.94 in the third quarter, down from the prior year, but up from the second quarter’s $39.06.
Lyft’s revenue beat compares to rival Uber Technologies UBER, whose third-quarter total revenue of $3.1 billion came in 2% lower than street consensus. Uber missed revenue even with strength across its growing food delivery segment.
Lyft has beat consensus on revenue over the past six quarterly reports.
What’s Next: The company was encouraged by the “landmark achievement and major victory for drivers” with the passage of Prop 22.
“We are encouraged by the ongoing recovery in ridesharing and the performance improvements we saw across bikes, scooters and bikes. We remain confident that demand will continue to return as we progress through the recovery,” said CEO Logan Green.
LYFT Price Action: Lyft shares are trading 6.8% higher in the after-hours session. Shares fell 4% in Tuesday’s regular session.
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