Nov 11, 2020 (Baystreet.ca via COMTEX) -- Lyft, Inc. /zigman2/quotes/208999293/composite LYFT -0.38% today announced financial results for its third quarter ended September 30, 2020.
The ride service reported Q3 revenue of $499.7 million versus $955.6 million in the third quarter of 2019, a decrease of 48% year-over-year, but an increase of 47% from $339.3 million in the second quarter of 2020.
Net loss for Q3 2020 was $459.5 million versus a net loss of $463.5 million in the same period of 2019. Net loss for Q3 includes $170.7 million of stock-based compensation and related payroll tax expenses and $0.7 million related to changes to the liabilities for insurance required by regulatory agencies attributable to historical periods. Net loss margin for Q3 was 92.0 percent compared to 48.5% in the third quarter of 2019.
Said CEO Logan Green, "Lyft's third quarter results reflect our focused execution and business resilience. We are encouraged by the ongoing recovery in ridesharing and the performance improvements we saw across bikes, scooters and fleet. We remain confident that demand will continue to return as we progress through the recovery."
Lyft was founded in 2012 and, according to Wednesday's news release, "is one of the largest transportation networks in the United States and Canada. As the world shifts away from car ownership to transportation-as-a-service, Lyft is at the forefront of this massive societal change."
Shares moved ahead $2.33, or 6.5%, to $38.38.
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