Proactive Investors - Lyft Inc (NASDAQ:LYFT) shares fell after Wednesday’s closing bell after the ride-share company unexpectedly reported a loss per share of $0.03 for the third quarter, compared to Wall Street estimates of earnings per share of $0.09.
Revenue of $1.16 billion, however, was better than expected, above analysts’ estimates of $1.14 billion. It grew 10% year-over-year.
Lyft's gross bookings rose 15% from the year-ago quarter to $3.55 billion.
“We had another quarter of solid execution - we saw strong driver and rider growth and our marketplace health continued to improve,” Lyft CFO Erin Brewer said in a statement.
He told Reuters that an improved mix of airport rides, scheduled rides, and priority pickups helped Lyft expand its margins during the quarter.
“Our 4Q outlook calls for continued progress, and the updates we are making to our key business metrics today better align our reporting with our strategic priorities,” Brewer said.
For 4Q, Lyft projected gross bookings between $3.6 billion to $3.7 billion and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $50 million to $60 million, above the Street forecast of $48.8 million.
The company also expects its 4Q revenue will grow mid-single-digits quarter-over-quarter.
Lyft shares were down 5.2% at US$10.16 shortly following the release of its 3Q earnings.
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