Lyft Reports Strong Q3 Results and Raises Full-Year Guidance

Investing.com — Lyft lifted its full-year guidance Wednesday after reporting third-quarter revenue that beat analyst estimates.

LYFT Inc (NASDAQ:LYFT) gained more than 17% in aftermarket hours following the report.

For the three months ended Sept. 30, Lyft reported a loss of $0.03, in line with analysts' estimates, but revenue of $1.52 billion topped estimates of $1.44 billion.

The company stated that ride-sharing activity reached an all-time high during the quarter.

Active riders on its platform jumped 9% to 24.4 million in Q3 compared to the same period last year, while rides increased 16% year-over-year to 217 million.

For Q4, the company anticipates adjusted EBITDA of $100 million to $105 million and an adjusted EBITDA margin of approximately 2.3% to 2.4%.

For 2024, Lyft now expects an adjusted EBITDA margin of about 2.3%, up from the prior outlook of 2.1%, with gross bookings expected to grow about 17% year-over-year.