Lyft posted strong growth in the third quarter.Shares of Lyft (LYFT 22.07%), the No. 2 ride-sharing company, were moving higher today after the company reported strong results in its third-quarter earnings report, including record trips.As of 1:39 p.m. ET, the stock was up 22.9%. Lyft is acceleratingLyft continues to deliver solid growth, with gross bookings up 16% in the quarter, driving revenue up 32% to $1.52 billion. This beat estimates at $1.44 billion, as the company deployed incentives to riders and ...

Lyft (LYFT) stock is racing up the price charts Thursday after the ride-sharing company beat top- and bottom-line expectations for its third quarter and raised its full-year outlook.In the three months ended September 30, Lyft's revenue increased 31.5% year over year to $1.5 billion, boosted by a 15.6% jump in gross bookings to $4.1 billion. Its earnings per share (EPS) improved 20.8% from the year-ago period to 29 cents."Our team delivered one of the strongest quarters in Lyft history, following the many n ...

Rideshare concern Lyft Inc (NASDAQ:LYFT) is seeing high options activity today, after the company reported strong third-quarter earnings and revenue and issued an upbeat current-quarter gross bookings outlook. The security attracted no fewer than 10 price-target hikes in response, including one from RBC to $24 from $10.So far today, 134,000 calls and 50,000 puts have been traded, which is seven times the volume typically seen at this point. Most active is the December 20 call, followed by the weekly 11/8 20 ...

Shares of Lyft Inc LYFT were climbing in early trading on Thursday, after the company reported upbeat third-quarter results.The company reported its results amid an exciting earnings season. Here are some key analyst takeaways. Check out other analyst stock ratings.Cantor Fitzgerald: Lyft’s third-quarter bookings and EBITDA beat estimates by 1% and 14%, respectively, Mathivanan said in a note. The quarterly results should "re-inspire confidence" in the company's medium-term guidance, he added.The company ma ...

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Financial Data and Key Metrics Changes - Gross bookings exceeded $4.1 billion, up 16% year-over-year, with revenue exceeding $1.5 billion, up 32% year-over-year [19][20] - Adjusted EBITDA was $107 million, representing 2.6% of gross bookings, with a GAAP net loss of $12.4 million [21] - Free cash flow generated was $243 million, with a trailing 12-month total of over $641 million [22] Business Line Data and Key Metrics Changes - Active riders grew by 9%, with ride frequency increasing by 6%, driven by growth in Canada and new product success [19] - The introduction of Price Lock has led to over 200,000 active passes, with users taking an average of four more rides per month [6][10] - The bikes and scooters segment saw record quarterly rides, contributing to overall growth [11] Market Data and Key Metrics Changes - Prime time pricing decreased by more than 40% year-over-year and 20% quarter-on-quarter, positively impacting ride growth and market share [8][19] - The company is expanding into Canada, with 12% of Canadians having taken a ride with Lyft [11] Company Strategy and Development Direction - Lyft's strategy focuses on customer obsession, product innovation, and partnerships, including a significant collaboration with DoorDash [6][13] - The company aims to integrate autonomous vehicles into its platform, partnering with Mobileye, Nexar, and May Mobility to enhance its service offerings [14] - Lyft emphasizes a purpose-driven approach, aiming to serve and connect people while competing against personal vehicle use [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in consumer sentiment, noting strong demand for rides during events like Halloween [49] - The company raised its full-year 2024 outlook, expecting rides growth in the mid-teens and gross bookings growth of approximately 17% year-over-year [26] - Management highlighted the importance of maintaining competitive pricing while reducing prime time variability to enhance rider experience [43] Other Important Information - The company ended Q3 with approximately $1.9 billion in cash and short-term investments, maintaining a strong liquidity position [22] - Lyft's focus on operational excellence has led to a 17% reduction in incentive expenses on a per ride basis year-over-year [20] Q&A Session All Questions and Answers Question: Benefits of less prime time and surge pricing - Management noted that reducing prime time has led to increased ride growth and conversion rates, with a 40% year-over-year decrease in prime time [29] Question: Drivers of $650 million free cash flow in 2024 - Management explained that higher insurance reserves and lower cash payouts from previous claims are contributing to the increased cash flow outlook [30] Question: Impact of partnerships with DoorDash and autonomous vehicle companies - Management indicated that partnerships are expected to drive rider acquisition and enhance service offerings, with a focus on long-term growth [35] Question: Go-to-market strategy for Price Lock - Price Lock has been rolled out nationally, targeting commuters and showing positive early adoption metrics [39] Question: Trends in San Francisco regarding autonomous vehicles - Management sees autonomous vehicles as a potential growth area and emphasizes the importance of partnerships to manage the complexities of AV operations [40]

Key TakeawaysLyft shares soared in extended trading Wednesday after the company reported better-than-expected quarterly results.The ride-hailing company also boosted its outlook for the full fiscal year. The results come as Lyft inks new deals with autonomous vehicle companies to bring "robotaxis" to its platform. Lyft (LYFT) shares soared over 20% in extended trading Wednesday after the company reported better-than-expected quarterly results and raised its outlook. The ride-hailing company’s third-quarter ...

Core Insights - Lyft has announced new partnerships with Mobileye, May Mobility, and Nexar to enhance its autonomous vehicle capabilities, following similar moves by competitors like Uber and Tesla [1][2][3] Group 1: Partnerships and Collaborations - Lyft's collaboration with May Mobility will introduce a fleet of Toyota Sienna minivans equipped with self-driving technology in Atlanta next year [3] - The partnership with Mobileye will integrate its self-driving software into Lyft's network, while the collaboration with Nexar aims to combine Lyft's data with Nexar's driving video footage for autonomous research [3] Group 2: Market Context and Competition - The partnerships are part of a broader trend among tech companies to establish a foothold in the autonomous driving sector, with Lyft and Uber positioned as potential beneficiaries of AV companies seeking to scale their market presence [4] - Lyft's moves come in the context of Tesla's recent unveiling of its autonomous taxi and Uber's partnerships with Waymo and Cruise [2][4] Group 3: Financial Performance - Lyft reported third-quarter revenue of $1.5 billion, exceeding expectations, and a net loss that was narrower than forecasted [5]

Exhibit 99.1 Lyft Announces Strong Q3 2024 Financial Results and Raises Full-Year Outlook Active Riders and Rides reached new all-time highs Gross Bookings grew 16% year-over-year SAN FRANCISCO, CA, November 6, 2024 - Lyft, Inc. (Nasdaq:LYFT) today announced financial results for the third quarter ended September 30, 2024. "Our team delivered one of the strongest quarters in Lyft history, following the many new innovations we've brought to drivers and riders so far this year," said CEO David Risher. "Going ...

It seems Lyft is hoping to catch up to Uber’s string of autonomous vehicle partnerships. Lyft announced Wednesday three separate partnerships — with startup May Mobility, automated driving company Mobileye and smart dashcam firm Nexar — all aimed at establishing a foothold in the emerging autonomous vehicle market. In the announcement, the ride-hailing company said it signed a deal with May Mobility to launch autonomous vehicles on the Lyft app starting in Atlanta in 2025. Lyft also announced a partnershi ...