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Lyft projects Q4 core earnings above estimates, beats Q3 revenue expectations

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Lyft (LYFT.O) reported third-quarter revenue slightly higher than estimates and forecast current-quarter revenue largely in line with expectations on Wednesday, as workers returned to office and there were a higher number of airport rides.

An empty Lyft pick-up area is shown as rideshare drivers hold a rally as part of a statewide day of action to demand that ride-hailing companies Uber and Lyft follow California law and grant drivers "basic employee rights'', in Los Angeles, California, U.S., August 20, 2020.

Brewer added that an improved mix of airport rides, scheduled rides and priority pickups also helped margin expansion. Despite Uber's dominance, analysts and investors have maintained Lyft will remain a strong second player in the sector.Since CEO David Risher took the top job at Lyft, the company has looked to cut costs aggressively. It posted higher core earnings in the second quarter and forecast further profitability improvement.

Revenue grew 10% to $1.16 billion in the quarter ended Sept. 30, surpassing analysts' average estimate of $1.14 billion, according to LSEG data.

 

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