Taxi booking platform Lyft, Inc. (NASDAQ: LYFT) has announced operating results for the third quarter of 2022, reporting a sharp increase in adjusted profit aided by double-digit revenue growth amid continued recovery in ride-hailing.
The company, headquartered in San Francisco, reported an adjusted profit of $36.7 million for the three months that ended September 2022, compared to $17.8 million in the same period last year. On an unadjusted basis, it was a net loss of $422.2 million or $1.18 per share, compared to a loss of $99.7 million or $0.30 per share in the prior-year period.
At $1.05 billion, revenues were up 22% year-over-year. Third-quarter adjusted EBITDA edged down to $66.2 million from $67.3 million in the corresponding period of 2021. At the end of the quarter, the company had around 20.3 million active riders, and revenue per user rose 14% to $51.88.
Read LYFT’s Q3 2022 Earnings Call Transcript
“I’m extremely proud of the strong results the team delivered in Q3. We are seeing material progress and organic tailwinds and feel very well-positioned for the road ahead. We have taken decisive steps to ensure we can deliver profitable growth, and we are even more confident in our ability to achieve our 2024 financial targets,” said Logan Green, chief executive officer of Lyft.