Shares of Lyft Inc. (LYFT) - Get Report were volatile in after-hours trading Wednesday after the ride-sharing company posted better-than-expected results for its third quarter and offered upbeat guidance.
Shares swung between gains and losses in after-hours action, trading down as much as 2%, following earlier gains of more than 6%. The stock added 0.98% during the regular session.
The company posted revenue of $955.6 million for the quarter, ahead of analyst estimates of $915 million. The company posted a net loss of $463.5 million or $1.57 a share, narrower than estimates of a loss of $1.66 compiled by Refinitiv, and $1.59 compiled by Zacks Investment Research.
In the upcoming quarter, Lyft forecasted revenue of $975 million to $985 million and an adjusted EBITDA loss of between $160 million and $170, vs. its prior guidance of $240 million to $245 million.
Anaylysts had been forecasting sales of $942.9 million and a loss of $258.5 million.
The company said it now expects to be profitable on an adjusted EBITDA basis in the fourth quarter of 2021.
Shares of fellow ride-sharing company Uber (UBER) - Get Report fell in after-hours action, losing 49 cents, or 1.5%, to $33.26 after gaining 4% during the regular session. Uber is slated to report results on Monday, with analysts surveyed by Zacks anticipating a loss of 83 cents a share.
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