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Sep 30, 2020
Lyft Q3 2020 Earnings Report
Lyft's third quarter results reflected focused execution and business resilience.
Key Takeaways
Lyft's Q3 2020 revenue was $499.7 million, a decrease of 48% year-over-year, but an increase of 47% from the previous quarter. The company reported a net loss of $459.5 million and ended the quarter with $2.5 billion in unrestricted cash, cash equivalents and short-term investments.
Q3 revenue grew by 47% quarter-over-quarter driven by a meaningful recovery in Active Riders.
Adjusted EBITDA loss was successfully limited, outperforming the most recent outlook by $25 million.
Proposition 22 in California was a landmark achievement and a major victory for drivers.
Lyft remains focused on achieving Adjusted EBITDA profitability by the fourth quarter of next year, even with a slower recovery.
Lyft
Lyft
Forward Guidance
Lyft is focused on achieving Adjusted EBITDA profitability by the fourth quarter of next year, even with a slower recovery.