Why Uber Shares Are Rising Today

Uber Technologies UBER is trading higher Wednesday following Lyft Inc's LYFT third-quarter financial results. 

Lyft reported quarterly adjusted earnings of 5 cents per share, which beat the estimate for a loss of 3 cents per share. The company reported quarterly revenue of $864.4 million, which beat the estimate of $862.68 million and represented an increase of 73% year-over-year.

Lyft reported that it had $2.4 billion of unrestricted cash, cash equivalents and short-term investments at the end of the quarter.

“We had a great quarter. Driver supply materially improved in Q3, up nearly 45% versus last year, reflecting strong new driver trends. We are well positioned for a continued recovery and I’m excited to build on the momentum in our business," said Logan Green, co-founder and CEO of Lyft.

Uber is the world's largest ride-sharing company. 

See Also: What Are Whales Doing With Uber Technologies

Uber is set to announce its third-quarter financial results after the market closes on Nov. 4.

UBER Price Action: Uber has traded as high as $64.05 and as low as $34.06 over a 52-week period.

The stock was up 6.46% at $45.66 at time of publication.

Photo: courtesy of Uber.