Why Lyft Stock Is Trading Higher During Tuesday's After-Hours Session

Shares of Lyft, Inc. LYFT pushed higher during Tuesday's after-hours session following the release of the company's third-quarter earnings results. 

The company reported third-quarter sales of $864.40 million, beating the consensus estimate of $862.68 million.

Lyft CFO Brian Roberts views the company’s second consecutive quarter of adjusted EBITDA profitability as, “a demonstration of the strong leverage in our operating model.”

Lyft was founded in 2012 and is the second-largest rider-sharing transportation networks in the United States. Its business model utilizes of transportation-as-a-service, and the company has entered the Canadian market during 2017 in an effort towards international expansion.

At the time of publication, shares of Lyft were trading 3.73% higher at $47.01, recovering the 2.33% pullback during market hours.

The stock has a 52-week low of $22.90 and a 52-week high of $68.28.