Lyft Inc. (NASDAQ: LYFT) released third-quarter financial results after markets closed Tuesday. The ride-share firm said that it had a net loss of $1.46 per share and $499.7 million million in revenue, which compared with consensus estimates that called for a net loss of $0.91 per share and $486.45 million in revenue. The same period from last year had a net loss of $1.57 per share and $955.6 million in revenue.
The ride-sharing firm made big strides in California in this most recent election. Management noted that as it looks to the future, the win on Proposition 22 was a landmark achievement and major victory for drivers, the industry, and the broader Lyft community.
Management further commented that the campaign for Proposition 22 was successful because it ultimately reflected the desires and priorities of drivers. More than 120,000 drivers signed up to be part of the effort to pass Proposition 22—they rallied, they volunteered, they shared their stories. Voters saw that and stood in solidarity with them.
During the quarter, active riders decreased 44% year over year to 12.51 million, down from 22.31 million in the same period last year. Revenue per active rider is down 7% to $39.94, a decrease from $42.82.
Lyft reported $2.5 billion of unrestricted cash, cash equivalents and short-term investments at the end of the third quarter, versus $358.32 million at the end of the previous fiscal year.
The company did not offer any guidance for the fourth quarter. However, consensus estimates are calling for a net loss of $0.65 per share and $655.19 million in revenue for the coming quarter.
Shares of Lyft closed Tuesday at $36.05, with a 52-week range of $14.56 to $54.50. The consensus analyst price target is $40.24. Following the announcement, the stock was up nearly 1% at $36.29 in the after-hours session.
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