rideshare Lyft Inc LYFT third quarter financial results reported after the market close on Monday. Here are the main highlights.

What happened: Lyft reported revenue of $1.05 billion in the third quarter, up 22% year over year. Total revenue missed an estimate of $1.06 billion, according to Street Gasoline Pro.

The company reported earnings per share of 10 cents, beating a Street estimate of 7 cents per share in the third quarter.

Lyft also reported that its active rider level was higher than it was before the COVID-19 pandemic. There were 20.31 million active drivers in the third quarter, up 7.2% year-on-year.

“I am very proud of the strong results the team delivered in the third quarter. We are seeing significant progress and organic tailwinds and feel very well positioned for the future,” said Lyft CEO Logan Green said.

Related link: How to trade Lyft for Q3 results: Has the stock bottomed or is more pain ahead?

What’s next: The company expects fourth-quarter revenue to range between $1.145 billion and $1.165 billion, up 18% to 20% year over year. According to data from Benzinga Pro, sales guidance is just ahead of a Street target of $1.17 billion.

Lyft expects adjusted EBITDA of $80 million to $100 million for the fourth quarter.

“We have taken critical steps to ensure we can deliver profitable growth and we are even more confident in our ability to achieve our 2024 financial targets,” said Green.

LYFT Price Promotion: Lyft shares are down 13.65% to $12.21 in after-hours trading on Monday.

Continue reading: Analyst Ratings for Lyft

Photo: Courtesy of Lyft