Lyft (LYFT) Shares Tumble After-Hours Following Q3 Revenue Miss

Lyft (NASDAQ: LYFT) shares have tumbled in after-hours trading after the company released its third-quarter results, missing revenue consensus expectations.

The ride-hailing company posted a third-quarter adjusted net income of $36.7 million, while revenue for the quarter came in at $1.05 billion versus the consensus estimate of $1.06 billion.

While adjusted net income rose from the $17.8 million posted in the third quarter of 2021, it fell from the $46.4 million reported in the second quarter of 2022.

Adjusted EBITDA for the quarter was $66.2 million versus $67.3 million in Q3 2021 and versus $79.1 million in Q2 2022. In addition, active riders during the reporting period were 20,312, up 7.2% year-over-year, also above the 19,860 reported in Q2.

Lyft shares are currently down more than 9% after closing the regular session up 2.91%.

"We had a strong Q3. Adjusted EBITDA came in above the top-end of our outlook and revenues reached an all-time high. We also saw a higher number of Active Riders, rides and drivers than we've had since COVID began, reflecting strong organic tailwinds," said Elaine Paul, chief financial officer of Lyft. "We're focused on accelerating initiatives that will have the biggest impact for drivers, riders and the company."

In the fourth quarter, Lyft sees revenue between $1.145 billion and $1.165 billion, up 9-11% quarter-over-quarter and 18-20% year-over-year, with adjusted EBITDA between $80 million and $100 million with a margin of 7% to 9%.

By Sam Boughedda

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