Ride-hailing company Lyft, Inc. (NASDAQ: LYFT) on Tuesday reported a narrower net loss for the third quarter of 2021, reflecting a 73% growth in revenues. The top-line also surpassed market watchers’ projection.
Third-quarter net loss narrowed to $71.5 million or $0.21 per share from $459.5 million or $1.46 per share in the third quarter of 2020. On an adjusted basis, it was a profit of $17.8 million, compared to a loss of $280.4 million in the year-ago period.
The improvement is attributable to a 73% jump in revenues to $864.4 million. Analysts had predicted a slower top-line growth. At the end of the quarter, the company had 180.9 million active riders, up 51% from the year-ago period. Revenue per active rider advanced 14% annually to $45.63.
Lyft’s stock witnessed high volatility since it went public two years ago, and has gained more than 50% in the past twelve months. The shares closed Tuesday’s session lower and lost further in the after-hours, soon after the announcement.
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