Lyft shares jump on results and autonomous-vehicle partnership

MW Lyft shares jump on results and autonomous-vehicle partnership

By Bill Peters

The ride-hailing platform's partnership with Mobileye promises to bring autonomous vehicles into the Lyft network

Lyft Inc. on Wednesday reported third-quarter sales that beat expectations while offering an upbeat demand forecast, after the ride-hailing platform earlier in the day announced an autonomous-vehicle partnership with Mobileye Global Inc.

The company's shares $(LYFT)$ jumped 23% after hours.

Lyft reported a net loss of $12.4 million, or 3 cents a share, compared with $12.1 million, or 3 cents a share, in the same quarter last year. The per-share figure was in line GAAP estimates from analysts surveyed by FactSet.

Revenue jumped 32% year-over-year to $1.52 billion, above forecasts for $1.44 billion. Gross bookings, or what the company charges customers for rides and other services, climbed 16% to $4.11 billion, also above estimates for $4.08 billion.

Lyft forecast fourth-quarter gross bookings of around $4.28 billion to $4.35 billion, above FactSet estimates for $4.23 billion. For the full year, it forecast gross-bookings growth of around 17%, a bit higher than FactSet estimates.

"In Q3, we delivered across the board with both driver hours and active riders reaching all-time highs, surpassing the prior quarter records," Chief Financial Officer Erin Brewer said in a statement.

Lyft reported the results as more riders use the service for commutes, and in the wake of a recent partnership with DoorDash Inc. $(DASH)$

Meanwhile, robotaxis have become a bigger focus in the transportation industry. Lyft earlier in the day said that the partnership with Mobileye (MBLY), a company that makes autonomous-vehicle technology, would bring autonomous vehicles into the Lyft network.

As of Wednesday's close, Lyft shares were still down 3.9% year to date.

-Bill Peters

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November 06, 2024 16:21 ET (21:21 GMT)

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