What's Driving Lyft Stock Higher Today?

What's Driving Lyft Stock Higher Today?

Lyft Inc LYFT shares are trading higher Tuesday in sympathy with Uber Technologies Inc UBER, which reported strong third-quarter financial results.

What Happened: Uber said third-quarter revenue increased 72% year-over-year to $8.3 billion, which beat average analyst estimates of $8.13 billion, according to Benzinga Pro. The company reported a quarterly net loss of 61 cents per share. The net loss included a $512 million net headwind primarily due to net unrealized losses related to the revaluations of Uber's equity investments.

Uber said it expects fourth-quarter gross bookings to grow 23% to 27% year-over-year to a range of $30 billion to $31 billion. Fourth-quarter adjusted EBITDA is expected to be between $600 million and $630 million. 

Related Link: What's Going On With Uber Technologies Stock Today?

Both Uber and Lyft operate in the ride-sharing space.

Lyft is scheduled to report its third-quarter financial results after the market close on Nov. 7. The company is expected to report earnings of 8 cents per share on quarterly revenue of $1.06 billion, according to Benzinga Pro.

LYFT Price Action: Lyft has a 52-week high of $46.64 and a 52-week low of $10.82.

The stock was up 10.9% at $16.24 Tuesday morning. 

Photo: courtesy of Lyft.

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