Lyft (LYFT, Financial), a leading ride-hailing platform, experienced a significant surge in its stock price, climbing over 28% to $18.49, marking its highest level in nearly six months. This surge follows the release of its third-quarter results, which surpassed market expectations.
The company reported revenue of $1.52 billion, representing a year-over-year increase of 31.5% and exceeding the anticipated $1.44 billion. Additionally, Lyft's adjusted loss per share was $0.03, slightly better than the forecasted loss of $0.04 per share.
During the quarter, Lyft's total bookings reached $4.1 billion, indicating a 16% growth from the same period last year. The platform also set a new record for active rider numbers, achieving 24.4 million, up 9% year-over-year.
Looking ahead, Lyft issued a positive forward guidance. The company expects total bookings for the fourth quarter to range between $4.28 billion and $4.35 billion and anticipates an adjusted EBITDA between $100 million and $105 million. These forecasts are above market expectations of $4.23 billion and $85.1 million, respectively.
