Shares of ride-hailing service Lyft (LYFT) are higher Tuesday company Co-Founders Logan Green and John Zimmer told the Wall Street Journal that the company will be profitable on an adjusted Ebitda basis as early as fourth quarter 2021.
Guggenheim analysts have estimated that the company would not turn a profit until 2021. Previous estimates had placed the company's profitability horizon in 2023.
Lyft shares were rising 8.4% to $44.32 at last check.
The executives made the comments at the Journal's WSJ Tech Live panel Tuesday.
"We've never laid out our path to profitability, and we know that is a question on a lot of investors' minds," Green said.
"We are excited to now go on the record and say that we are gonna be profitable on an adjusted Ebitda basis a year before analysts expect us to."
In tandem with Lyft on the news, shares of rival Uber (UBER) were rising 4.7% at $32.89.
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