Lyft Q3 Earnings Highlights: Record Revenue, Guidance Disappoints, Why Shares Are Falling

Ride-share company Lyft Inc LYFT reported third-quarter financial results after market close Monday. Here are the key highlights.

What Happened: Lyft reported third-quarter revenue of $1.05 billion, up 22% year-over-year. The revenue total missed a Street estimate of $1.06 billion according to data from Benzinga Pro.

The company reported earnings per share of 10 cents, beating a Street estimate of 7 cents per share in the third quarter.

Lyft also reported its active rider level was higher than before the COVID-19 pandemic. Active riders were 20.31 million in the third quarter, up 7.2% year-over-year.

“I’m extremely proud of the strong results the team delivered in Q3. We are seeing material progress and organic tailwinds and feel very well positioned for the road ahead,” Lyft CEO Logan Green said.

Related Link: How To Trade Lyft Into Q3 Earnings: Has Stock Bottomed Or More Pain Ahead?

What’s Next: The company is guiding for fourth-quarter revenue to be in a range of $1.145 billion to $1.165 billion, up 18% to 20% year-over-year. The revenue guidance is shy of a Street target of $1.17 billion, according to data from Benzinga Pro.

Lyft sees adjusted EBITDA of $80 million to $100 million for the fourth quarter.

“We have taken decisive steps to ensure we can deliver profitable growth, and we are even more confident in our ability to achieve our 2024 financial targets,” Green said.

LYFT Price Action: Lyft shares are down 13.65% to $12.21 in after-hours trading Monday.

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Photo: Courtesy Lyft