Lyft misses third-quarter revenue estimate but guides fourth-quarter bookings up 13% to 17%
The ride-hailing group lost $0.03 a share on a GAAP basis, while its chief financial officer pointed to record riders, rides and bookings.
Chart: LYFT, one-minute prices, three sessions
Lyft lost $0.03 a share in the third quarter on a GAAP basis. Its revenue of $1.90B fell short of the $1.96B expected.
Management wants attention elsewhere. CFO Michael Brous said North America rides accelerated and that Active Riders, Rides and Gross Bookings all reached records. He added that Lyft has now generated more than $1bn in trailing-twelve-month cash for a fifth straight quarter.
The pitch rests on volume and cash rather than reported revenue, and the guidance leans the same way. That is management's own forecast, but it gives Lyft numbers of its own to be judged on. For the fourth quarter it expects Gross Bookings of about $5.74B to $5.94B, up about 13% to 17% year over year. It forecasts Adjusted EBITDA of about $188M to $213M, up about 22% to 38%.
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