Lyft Stock Speeds Up on Narrower-Than-Expected Loss, Raised Outlook

Lyft (LYFT) shares soared over 20% in extended trading Wednesday after the company reported better-than-expected quarterly results and raised its outlook.

The ride-hailing company’s third-quarter revenue jumped 32% year-over-year to $1.5 billion, beating the analyst consensus from Visible Alpha. Lyft reported a net loss of $12.4 million or 3 cents per share, narrower than the loss of $17.08 million or 5 cents per share analysts anticipated. Active riders hit an all-time high of 24.4 million.

Lyft Boosts Its Full-Year Outlook

The company said it expects fourth-quarter gross bookings of $4.28 billion to $4.35 billion, above the analyst consensus of $4.24 billion. Lyft also boosted its full-year forecast for adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margin to 2.3%, up from 2.1% previously.

Lyft Inks New Autonomous Driving Partnerships

The results come as Lyft inks new deals with autonomous vehicle companies, joining rideshare rival Uber (UBER) in signing a number of partnerships to bring “robotaxis” to its platform.

The company announced partnerships Wednesday with software maker Mobileye (MBLY), along with May Mobility and Nexar. The moves will see Lyft will bring a fleet of Toyota Sienna minivans using May’s self-driving technology to Atlanta next year, add vehicles with Mobileye’s self-driving software to the its network, and combine its data with Nexar’s driving video footage.