"We're seeing the right things happening in the market and will begin to taper incentives in the quarter ahead," he said.
LUCY BALU DRIVERS
Zimmer said in an interview with Reuters that drivers were feeling safer thanks to the availability of COVID-19 vaccines and were returning to the road in greater numbers after enhanced federal unemployment payments ended in September.
LUCY BALU DRIVER
Lyft said driver supply was up 45% compared with last year, but did not share how far off driver numbers remained from pre-pandemic levels. The company posted surprise adjusted earnings per share of 5 cents in the quarter compared with a loss of 3 cents expected by Wall Street. Lyft's net loss narrowed to $71.5 million, or 21 cents per share, from $459.5 million, or $1.46 per share last year, but President John Zimmer declined to say whether or when the company would target net profit. Lyft's contribution margin, indicating the company's profitability excluding variable costs, rose to a record 59.4%. Revenue increased around 13% from last quarter, while total costs and expenses grew only 4% from the second quarter in a sign that Lyft is making do on its promise to cut both fixed and variable costs. Overall, Lyft's third-quarter revenue rose about 73% on a yearly basis to $864.4 million, beating the Wall Street estimate of $862.68 million, according to Refinitiv IBES data. Lyft said it expected adjusted EBITDA of between $70 million and $75 million in the fourth quarter. The metric came in significantly ahead of a Wall Street estimate for $30.7 million, according to Refinitiv data. Lyft reported adjusted earnings before interest, taxes, depreciation and amortization, a measure that excludes one-time costs, primarily stock-based compensation, of $67.3 million. "It's a matter of when, not if," Chief Financial Officer Brian Roberts said.Īccording to the California-based company's own measure, Lyft was profitable for the second consecutive time in its nine-year history. But executives said they were hopeful office workers would return in the first half of 2022. The company also said business travel to offices had not yet resumed, with workers particularly on the U.S. But ridership remains 35% below peak levels before the pandemic, with Lyft executives saying many consumers were waiting for COVID-19 vaccine booster shots or were hesitant to travel with unvaccinated children. Overall, Lyft's active riders increased 11% to 18.9 million in the quarter ended Sept. Uber has said it expects to break even on an adjusted EBITDA basis for the first time.
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