Lyft Inc. said on Wednesday its revenue in the third quarter of fiscal 2023 amounted to $1.16 billion, rising 10% compared to the same period a year earlier, exceeding estimates.
The ride-hailing company's net loss landed at $12.1 million, or $0.03 per share, improving from a loss of $422.2 million, or 1.18 per share, posted in the third quarter of 2022. Lyft stressed the net loss includes $100.4 million of stock-based compensation and related payroll tax expenses. Adjusted EBITDA came in at $92.0 million, jumping from a negative $26.7 million a year earlier, and the number of active riders increased 10% to 22.4 million.
"Our Q4 outlook calls for continued progress, and the updates we are making to our key business metrics today better align our reporting with our strategic priorities. We remain committed to building a durable, healthy and profitable business that our customers love," CFO Erin Brewer stated. Lyft's shares fell 5.22% in after-hours trading.
