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Lyft, Inc. (LYFT) Stock on a Surge in Aftermarket, Here’s the Reason

Lyft, Inc. (LYFT), a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada, has surged 12.86% during aftermarket trading session and consequently was trading at $51.15 when last checked. The increase is attributable to the announcement of the third quarter of 2021 financial results. On Tuesday, LYFT closed the day at $45.32 after steadily declining by 2.33% during regular trading hours.

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Q3 2021 financial results

On Tuesday, LYFT announced the strong quarterly results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated revenue of $864.4 million against $499.7 million for the same period of 2020. The net loss reported by the company for the three months stood at $71.5 million against $459.5 million for the same period of 2020. The adjusted net income by the company for the period stood at $17.8 million against $280.4 million for the same period of 2020. The company reported a contribution of $513.6 million for the quarter against $248.8 million for the same period of 2020. The company reported $2.4 billion of unrestricted cash, cash equivalents and short-term investments at the end of the third quarter of 2021.

Executive commentary

Brian Roberts, the chief financial officer of LYFT, while commenting on the results said that the tremendous performance by the company during the quarter depicts the strong leverage in the operating model. The company anticipated an improvement in services level in coming quarters.

LYFT president to deliver the keynote

On 20th October, LYFT announced that John Zimmer, President and Co-Founder, will keynote at the Credit Suisse 25th Annual Technology Conference on Wednesday, December 1, 2021. In the address, John Zimmer was intended to discuss certain non-GAAP financial measures, including Contribution, Contribution Margin, Adjusted EBITDA and Adjusted EBITDA Margin.

What’s next for LYFT?

During the last 12 months, LYFT stock has increased more than 84% primarily due to the adoption of business expansion strategies by the company. Analysts are hopeful that the company would achieve excellent results if it continues with the current model of expanding its business.

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