Lyft lifts guidance after reporting better-than-expected Q3 revenue

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 $1.44B.

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

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

For Q4, the company sees adjusted EBITDA of $100M to $105M and an adjusted EBITDA margin of approximately 2.3% to 2.4%

For 2024, the company said it now expected 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.

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