Lyft reported earnings today and was profitable for the second time in the company’s history. That’s great and all, but the really exciting news was that Lyft’s growth was due to passengers and drivers using rideshare again after the pandemic. 😍
Lyft’s Co-Founder and CEO Logan Green commented on the company’s strong results: “We had a great quarter. Driver supply materially improved in Q3, up nearly 45% versus last year, reflecting strong new driver trends.”
Now that’s good stuff. 💰 Lyft reported net income of $17.8 million on its $864.4 million in revenue — overall revenue grew 13% QoQ (compare that to Lyft’s 280.4 million loss in Q3 2020). Lyft also posted an EPS of $0.05/share, beating analysts’ estimates by $0.08.
Lyft’s number of active riders reached 18.9 million versus 19.7 million expected. The company’s average revenue per rider ($45.63) also beat analysts’ expectations.
Lyft CFO Brian Roberts shared “Given our success onboarding new drivers and expected supply tailwinds, we anticipate our service levels will naturally improve in Q4 and lead to lower prices.”
$LYFT is up 12.4% after hours.