❯ Lyft’s third-quarter revenue rises 8% as it posts a $9.73 million net loss

Revenue grows as the company turns to a lossLyft’s third-quarter revenue rose about 8% to $1.8218 billion. The company lost $9.73 million, or $0.03 per share, compared with a $46.07 million profit a year earlier. Legal, tax and related reserve changes and settlements affected results by $117.9 million, including a $69.1 million reduction in revenue.

More bookings and cash generationGross bookings increased 17% to $5.6169 billion. Active riders reached 31.6 million and rides totaled 273.5 million, both up about 10%. Adjusted EBITDA, a measure excluding interest, taxes, depreciation, amortization and certain other items, rose 47% to $203.9 million. Free cash flow was $294.7 million. The Wall Street Journal reported that revenue fell short of the $1.92 billion consensus estimate and shares declined more than 5%.

Adding Waymo vehiclesLyft began matching Nashville riders with Waymo vehicles in September and opened a dedicated depot in October for charging, maintenance and dispatch. It also launched Lyft Go membership and continued expanding in Europe. The company forecasts fourth-quarter gross bookings of $5.74 billion to $5.94 billion.

▮ SIGNALAutonomous-driving partnerships extend Lyft’s role beyond matching riders and vehicles to operating fleets through charging, maintenance and dispatch.