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.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!