On Wednesday, the 30th of October 2019, the San Francisco, CA-based smaller rival of ride-hailing pioneer Uber Technologies, Lyft Inc. appeared to be finding its path towards profitability, as the ride-sharing start-up offering its services in 640 cities in the United States and Canada, had reported a better-than-anticipated Q3 revenues and raised its profit outlook for the fourth quarter.
Meanwhile, followed by release of an upbeat quarterly earnings’ report of Lyft Inc., Lyft Inc. executives were quoted saying that an increase in customers who had been paying full price for their rides alongside a downsize of discounts alongside promotional incentives had proffered a shimmering ray of hope for the smaller ride-sharing start-up at its way towards a profitability.
Besides, according to Lyft Inc.’s quarterly earnings’ report that released on Wednesday (October 30th), the smaller ride-sharing start-up was able to grow its customer base to 22.3 million, remarking a 28 per cent upsurge from a year earlier, while its revenue rocketed more than 63 per cent to $955.6 million over the third quarter of the year, beating an analysts’ estimate by a much-wider margin.
Aside from that, following release of its Q3 earnings’ report, Lyft Inc. shares were ticked up 2.24 per cent to $45.10 a share in post-market trading after rounding off the day 0.98 per cent higher to $44.11 per share, while expressing an out-and-out optimism over the loss-making smaller Uber rival’s path towards profitability, Lyft Inc.
CFO (Chief Financial Officer) Brian Roberts said in a post-earnings’ call late on Wednesday (October 30th), “We expect that these market conditions will continue as the industry focuses on achieving profitability. ”