Lyft Stock Is Surging Today: What's Going On?

Lyft, Inc. (NASDAQ:LYFT) shares are trading higher Thursday after the company reported better-than-expected third-quarter financial results. Multiple analysts also raised price targets following the report. Here’s what you need to know.

What To Know: Lyft reported a third-quarter loss of 3 cents per share, beating the expected loss of 4 cents per share. Revenue for the quarter was $1.52 billion, beating the $1.44 billion analysts projected, according to Benzinga Pro.

Total revenue was up 32% year-over-year. The company reported $4.1 billion in gross bookings, a 16% increase year-over-year, and generated free cash flow of $242.8 million. Lyft also reported record numbers in active riders and total rides, with riders coming in at 24.4 million and rides totaling 217 million in the quarter.

“Our team delivered one of the strongest quarters ...

Full story available on Benzinga.com