Lyft (LYFT) Q3 Revenues Beat Modeslty

Lyft (NASDAQ: LYFT) reported Q3 EPS of ($0.21), which may not compare to the analyst estimate of ($0.03). Revenue for the quarter came in at $864.4 million versus the consensus estimate of $863.17 million.

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

“In Q3 we achieved record Revenue Per Active Rider as ride frequency increased. We also hit a new all-time high Contribution Margin and posted our second consecutive quarter of Adjusted EBITDA profitability, which is a demonstration of the strong leverage in our operating model,” said Brian Roberts, chief financial officer of Lyft. “Given our success onboarding new drivers and expected supply tailwinds, we anticipate our service levels will naturally improve in Q4 and lead to lower prices.”

For earnings history and earnings-related data on Lyft (LYFT) click here.

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