Lyft Inc. (LYFT) reported third-quarter 2024 earnings of 29 cents per share, which beat the Zacks Consensus Estimate of 20 cents and improved year over year.
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Revenues of $1.52 billion also outpaced the Zacks Consensus Estimate of $1.42 billion and improved 31.5% year over year, reflecting growth in the rideshare market. Active riders increased 9% year over year to 24.4 million.
Gross bookings reported for the quarter were $4.10 billion, marking a year-over-year increase of 16%.
Lyft, Inc. Price, Consensus and EPS Surprise
Lyft, Inc. price-consensus-eps-surprise-chart | Lyft, Inc. Quote
Lyft’s adjusted EBITDA in the third quarter was $107.3 million, up 16.6% from the year-ago reported figure. The adjusted EBITDA margin (calculated as the percentage of gross bookings) was 2.6%, flat year over year.
Lyft exited the third quarter with cash and cash equivalents of $770.29 million compared with $604.35 million at the end of the prior quarter. Long-term debt, net of the current portion at the end of the reported quarter, was $574.47 million compared with $578.33 million at the prior-quarter end.
LYFT’s Guidance
For the fourth quarter of 2024, LYFT expects gross bookings of $4.28-$4.35 billion (up 15-17% year-over-year). The adjusted EBITDA is estimated to be in the range of $100-$105million and adjusted EBITDA margin (calculated as a percentage of gross bookings) is expected to be 2.3-2.4%.
For 2024, Lyft continues to anticipate rides year-over-year growth in the mid-teens. Gross bookings are anticipated to grow almost 17% year over year.
Adjusted EBITDA margin (calculated as a percentage of gross bookings) is expected to be around 2.3%, higher than the prior expectation of 2.1%. Free cash flow is anticipated to exceed $650 million.
LYFT’s Zacks Rank
Lyft currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q3 Performances of Other Computer and Technology Companies
Uber TechnologiesUBER reported solid third-quarter 2024 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. Quarterly earnings per share of $1.20 outpaced the Zacks Consensus Estimate of 41 cents and improved more than 100% on a year-over-year basis.
Total revenues of $11.2 billion beat the Zacks Consensus Estimate of $10.9 billion. The top line jumped 20% year over year on a reported basis and 22% on a constant currency basis.
Alphabet’s GOOGL third-quarter 2024 earnings of $2.12 per share beat the Zacks Consensus Estimate of $1.83 per share. The figure grew 37% year over year.
Revenues of $88.3 billion increased 15% year over year (16% at constant currency). Net revenues, excluding total traffic acquisition costs (“TAC”) (the portion of revenues shared with Google’s partners and the amount paid to distribution partners and others who direct traffic to Google’s website) were $74.549 billion, which surpassed the consensus mark by 2.34%. The figure rose 16.4% year over year.
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