Lyft announced robust financial results for the third quarter ended September 30, 2024, reporting revenue of $1.52 billion, which surpassed the Bloomberg consensus estimate of $1.44 billion. This represented a 31.5% increase year-over-year, indicating strong growth in its core business.
Gross bookings for the quarter reached $4.11 billion, exceeding the $4.08 billion estimate, driven by record ridership and increased engagement. The company also reported an adjusted earnings of 29 cents per share, outperforming the Wall Street expectation of 3 cents per share loss.
Looking ahead, Lyft provided an upbeat forecast for the fourth quarter, projecting gross bookings between $4.28 billion and $4.35 billion, above the $4.23 billion FactSet estimate. The company also anticipated Adjusted EBITDA of $100 million to $105 million, surpassing the expected $85 million, signaling confidence in continued profitable growth.
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