Lyft (NASDAQ:LYFT) earnings for the ride-sharing company’s third quarter of 2019 have LYFT stock up in after-hours trading on Wednesday. This is due to its per-share losses of -$1.57. That’s better than Wall Street’s estimate of -$1.66 for the period. Revenue of $955.60 million is also a boon to LYFT stock by coming in above analysts’ estimates of $915.04 million.
Here’s what else to know about the most recent Lyft earnings report.
- Losses per share for the quarter are a massive 86.44% improvement YoY from -$11.58.
- Revenue comes in 63.36% above $584.95 million from the same time last year.
- Losses from operations of -$490.86 million are 82.69% worse than -$268.68 from the third quarter of 2018.
- The Lyft earnings report also includes has net loss for the quarter coming in at -$463.48 million.
- That’s 86.02% worse than the company’s net loss of -$249.16 million in the same period of the year prior.
Logan Green, co-founder and CEO of Lyft, says this about the Q3 LYFT stock earnings.
“Our third quarter results demonstrated the significant progress Lyft has made on our path to profitability. Record revenue was generated by strong growth in both Active Riders and Revenue per Active Rider as we continue to increase engagement through product innovation and execution.”
The Lyft earnings report for the third quarter of 2019 also includes an update to its outlook. The company is now expecting revenue to range from $3.57 billion to $3.58 billion for the year. The previous guidance had revenue coming in between $3.47 billion and $3.50 billion. That’s good news for LYFT stock with Wall Street estimating revenue of $3.50 billion for 2019.
LYFT stock was up 1.45% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
