Lyft reported third-quarter earningsThe bell rang on Tuesday. After beating revenue, shares rose by more than 2.5%. It also said that drivers were coming back and it did not miss active riders estimates.

These are the main numbers

• Earnings per share: 5 cents adjusted vs loss of 3 cents per share expected in a Refinitiv survey of analysts
• RevenueRefinitiv expects to see $864.4 Million, compared with $862.7 Million.
• Active riders: 18.9 million vs 19.7 million expected, per StreetAccount
• Revenue per active rider:StreetAccount estimates that $45.63 is more than $43.89,

Lyft posted a quarter-end net loss of $71.5million, compared to a loss of $459.5million in the same quarter in 2020. According to Lyft, its loss included $203.3 million in stock-based compensation as well as related payroll taxes.

Lyft reported an adjusted EBITDA of $67.3 Million (earnings prior to interest, taxes depreciation, amortization), profit. The figure is an impressive increase over the $23.8 million Lyft earned in its previous quarterly adjusted EBITDA profits. According to Lyft, the company expects that this milestone will be maintained. This was a significant achievement considering it reached it quarter before it had expected. Uber

Lyft saw a 13% increase in revenue quarter over quarter to $864.4million. Easy comparables, resulting from the Covid-19 pandemic, have helped to increase this figure 73%. Record revenue per active rider was also achieved at $45.63, an increase of 14% over the previous year.

Wall Street had high expectations for active riders, but Lyft fell short. Lyft had 18.94 million active users in the third quarter, as opposed to StreetAccount’s 19.69 million.

The pandemic has seen driver demand and supply imbalances in the company, which led to high wait times and higher prices. The imbalance has been noticed by investors, particularly as millions have been invested in incentives for drivers to return to the platform.

Logan Green, Lyft CEO said that the driver supply was up almost 45% over last year.

Brian Roberts, CFO of the company released: “Given our successes onboarding new drivers as well as expected supply tailwinds we expect our service levels to naturally increase in Q4 which will lead to lower prices.”

This is an ongoing story. Keep checking back for more updates.

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