Lyft reports Q3 revenue up 8% YoY to $1.82B, vs. $1.92B est., and a net loss of $0.03 a share, vs. an est. profit of $0.20 a share; LYFT drops 8%+ after hours (Kelly Cloonan/Wall Street Journal)
The company generated $1.82 billion in third-quarter revenue, representing an 8% gain compared to the same period last year. However, this growth fell short of the $1.92 billion anticipated by market analysts. Profitability also took an unexpected hit, as the firm posted a net loss of $0.03 per share instead of an expected $0.20 per share profit. Consequently, investor disappointment drove the stock down by more than 8% in after-hours trading.
Key points
Disappointing quarterly figures prompted Lyft shares to tumble by more than 8% in after-h…: Disappointing quarterly figures prompted Lyft shares to tumble by more than 8% in after-hours trading.
Top-line revenue expansion failed to keep pace with the higher targets established by fin…: Top-line revenue expansion failed to keep pace with the higher targets established by financial analysts.
The company was unable to achieve the bottom-line profitability that Wall Street had expe…: The company was unable to achieve the bottom-line profitability that Wall Street had expected for the quarter.
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