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Lyft Soars on Earnings Outlook Bolstered by Record Trips

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Lyft Inc. shares surged in late trading after issuing strong earnings guidance for both this quarter and the full year, signaling that the ride-hailing service’s plan to attract more commuters is working.

-- Lyft Inc. shares surged in premarket trading after the company issued strong earnings guidance for both this quarter and the full year, signaling that the ride-hailing service’s plan to attract more commuters is working.

Shares of Lyft surged 21% in premarket trading before exchanges opened in New York. The shares had closed 4.4% higher at $14.40 on Wednesday. Lyft reported that 24.4 million unique riders took 217 million trips in the three months ended September, a record for both metrics. It reported a $12.4 billion net loss, smaller than the $15.4 billion deficit that investors had projected.

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