Lyft Surges 22% on Strong Q3 Revenue and Raised Full-Year Guidance

Lyft (NASDAQ:LYFT) soared over 22% in pre-market today after the ride-sharing company raised its full-year outlook and reported better-than-expected third-quarter revenue.

For the quarter, Lyft posted a loss of $0.03 per share, meeting analyst expectations. Revenue, however, came in strong at $1.52 billion, surpassing the $1.44 billion forecast. This revenue gain was bolstered by record-high ride-sharing activity and a 9% increase in active riders, which rose to 24.4 million. The number of rides jumped 16% year-over-year, totaling 217 million.

Looking ahead to the fourth quarter, Lyft projected adjusted EBITDA of $100 million to $105 million, with a margin of 2.3% to 2.4%. The company also revised its full-year 2024 guidance upward, now expecting an adjusted EBITDA margin of 2.3%, up from the previous 2.1% forecast, and projecting gross bookings growth of about 17% year-over-year.