Lyft surges 21% on higher Q4 forecast, new partnerships

Business

Christian Baha / AC

6 November

1 min read

EPA-EFE/CJ GUNTHER

Shares of Lyft Inc. soared 21% on Wednesday, shortly after the company posted its third quarter results.

Investors seem quite encouraged after the company announced a forecast for gross bookings in the fourth quarter of approximately $4.28 billion to $4.35 billion, up 15% to 17% year-over-year. Additionally, its revenue for the third quarter of fiscal 2024 increased by 32% to $1.5 billion compared with a similar quarter a year ago. Also, Lyft revealed a new set of partnerships with Mobileye, May Mobility, and Nexar to connect riders to autonomous vehicles.

The ride-hailing firm's shares skyrocketed by 21.88% at 4:43 pm ET to sell at $17.55 apiece.

lyft

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