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Lyft posted third-quarter earnings Tuesday.
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Although the coronavirus pandemic continued to be a problem for Lyft Inc., its third-quarter results beat analysts’ expectations.
Shares of Lyft rose nearly 1.5% in extended trading Tuesday after closing at $36.05 in regular trading, a 4.35% decline.
Lyft LYFT, -4.35% posted a third-quarter loss of $459.5 million, or $1.46 a share, on revenue of $499.7 million, down from $955.6 million a year ago. After adjusting for stock-based compensation and other effects, Lyft reported a loss of 89 cents a share.
Analysts surveyed by FactSet on average expected Lyft to post a loss of 93 cents a share on revenue of $487.4 million.
Active riders grew 44% to 12.5 million in the third quarter compared with 8.7 million in the second quarter, when the ride-hailing recovery began after strict coronavirus-related lockdowns were eased. Analysts on average had expected 11.9 million active riders and 106.3 million total rides in the quarter. Still, active riders were down 44% from the year-ago quarter.
Lyft shares, which have gotten a boost from the gig companies’ Proposition 22 victory in California last week, are down more than 12% so far this year.
