Lyft shares dip after beating on revenue expectations

Investing.com -- LYFT Inc (NASDAQ:LYFT)shares fell after the ride-hailing company beat expectations for third quarter revenue and profit.

The company reported adjusted core income of $92.3 million and revenue of $1.16 billion, up 10% from the same time last year. Analysts expected revenue of $1.14 billion. Adjusted profit of 24 cents a share also beat expectations for earnings of 15 cents a share.

“More drivers and riders are choosing Lyft because we’re following a simple formula: listen to customers and build the experiences they want,” said CEO David Risher in a statement. “Women+ Connect is a great example, and is now available in more than 50 cities and towns across the U.S. There’s so much open road ahead to create a customer-obsessed financially strong Lyft. We’ve got our foot on the pedal!”

Lyft reported 187 million rides in the quarter, up 20% from last year reflecting growth in rideshares, bike, and scooter rides. Third quarter gross bookings rose 15% to $3.55 billion.

It also said it had 22.4 million active riders, up 10% from last year.

Lyft guided fourth quarter gross bookings of $3.6 billion to $3.7 billion and adjusted earnings before interest, taxes, depreciation, and amortization of $50 billion to $50 billion.