Lyft Q3 Profit Misses, But Revenues Beat Street

(RTTNews) - Ride-hailing company Lyft Inc. (LYFT), Tuesday reported reported a third-quarter loss that narrowed from last year, but was wider than Wall Street analysts' expectations. Meanwhile, revenues for the quarter slipped 48% hurt largely by coronavirus pandemic, however, trumped expectations.

San Francisco, California-based Lyft's third-quarter loss narrowed to $458.4 million or $1.46 per share from $463.5 million or $1.57 per share last year. On average, 22 analysts polled by Thomson Reuters estimated loss of $0.91 per share for the quarter. Analysts' estimates typically exclude one-time items.

Lyft's revenues for the quarter plunged 48% to $499.7 million from $955.6 million a year ago. Analysts had a consensus revenue estimate of $486.45 million for the quarter.

"Lyft's third quarter results reflect our focused execution and business resilience," said Logan Green, co-founder and chief executive officer of Lyft. "We are encouraged by the ongoing recovery in ridesharing and the performance improvements we saw across bikes, scooters and fleet. We remain confident that demand will continue to return as we progress through the recovery."

Active riders in the quarter dropped 44%, while revenue per active rider decreased 7%.