Mobility technology company, Lyft, Inc. (LYFT), recently announced mixed results for the third quarter ended September 30, 2021, as the company missed earnings but topped revenue estimates.
Following the news, shares of the company rose 12.9% to close at $51.15 in the extended trading session on Tuesday.
Lyft reported quarterly revenues of $864.4 million, up 73% year-over-year. The consensus estimate for the same stood at $863.17 million.
The company reported a loss of $0.21 per share during the quarter, narrower than last year’s loss of $1.46 per share. However, it failed to beat the consensus estimate of a loss of $0.03 per share.
In other key operating metrics reported by the company, adjusted EBITDA stood at $67.3 million, which compares favorably with a loss of $239.7 million in the same quarter last year. In terms of active riders and revenue per active rider, the company registered year-over-year growth of 51.4% and 14.2% to 18,942 and $45.63, respectively.
The CEO of Lyft, Logan Green, said, “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.” (See Lyft stock chart on TipRanks)
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Ahead of the quarterly results, Credit Suisse analyst Stephen Ju reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $84 to $69, which implies upside potential of 52.3%.
The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 17 Buys and 7 Holds. The average Lyft price target of $73.42 implies that the stock has upside potential of 62% from current levels. Shares have gained 72.8% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into Lyft’s performance this quarter.
According to the tool, the Lyft website recorded a 13.22% monthly rise in global visits in September. Further, year-to-date, website traffic rose 2.03%.
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