Here is why Lyft Inc (LYFT) stock turnaround in the after-hours on Tuesday?

Lyft Inc. (LYFT) shares jumped 12.86% in after-hours on Tuesday, November 02, 2021, and closed the daily trading at $51.15. However, in the regular trading session, LYFT’s stock lost 2.33%. LYFT shares have risen 84.98% over the last 12 months, and they have moved down 4.67% in the past week. Over the past three months, the stock has lost 8.50%, while over the past six months, it has declined 13.89%.

Let’s have a brief discussion about its recent news

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LYFT recent financial results announcement

On November 02, 2021, Lyft Inc released its financial results for its third quarter ended September 30, 2021.

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Q3 2021 financial highlights

  • LYFT earned revenue of $864.4 million in Q3 2021 compared to $499.7 million in the third quarter of 2020. Q2, 2021 revenue was $765.0 million.
  • The total cost and expenses for Q3 2021 were $1.04 billion compared to $953 million for Q3 2020
  • It suffered a net loss of $71.5 million in the third quarter of 2021 compared to a net loss of $459.5 million in the same period of 2020. The net loss in Q2 2021 was $251.9 million.
  • Adjusted net income was $17.8 million in Q3 2021 compared to an adjusted net loss of $280.4 million in Q3 2020. The adjusted net loss was $18.0 million in Q2 2021.
  • Adjusted EBITDA was $67.3 million in Q3 2021 compared to a negative $239.7 million in Q3 2020.
  • As of September 30, 2021, the company had $2.4 billion of unrestricted cash, cash equivalents and short-term investments.

LYFT participation in the upcoming investor conference

Lyft, Inc will participate in the Credit Suisse 25th Annual Technology Conference which is to be held on Wednesday, December 1, 2021. John Zimmer, President, and Co-Founder of the company will present the company during the event.

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The Q3 financial results beat the analyst’s estimates which also took its stock towards positivity in the after-hours on Tuesday. We can expect it to continue its momentum on Wednesday as well.

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