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Lyft (LYFT) Shares Gain Despite Wider-Than-Expected Q3 Loss
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Lyft, Inc. (LYFT - Free Report) incurred a loss (excluding 56 cents from non-recurring items) of 90 cents per share in the third quarter of 2020, wider than the Zacks Consensus Estimate of a loss of 89 cents. Total revenues of $499.7 million beat the Zacks Consensus Estimate of $497.4 million. The revenue beat perhaps pleased investors, driving shares of the company up more than 5% in after-hours trading on Nov 10.
The top line also recovered significantly in the third quarter from the second, with gradual improvement in ride volumes following easing coronavirus-induced restrictions. Total revenues surged 48% sequentially in the third quarter.
However, the top line declined 47.7% year over year due to fall in Active Riders (riders who take at least one ride during a quarter on Lyft’s multimodal platform through its app) and Revenue per Active Rider, indicating that ride volumes are still way below year-ago levels as coronavirus concerns continue unabated.
Active Riders declined 44% year over year to 12.51 million in the quarter under review. This San Francisco-based company’s Revenue per Active Rider slipped 7% to $39.94 million.
Adjusted-EBITDA loss for the third quarter was $239.7 million compared with a loss of $128.1 million incurred a year ago. The adjusted-EBITDA loss margin came in at 48% compared with 13.4% in third-quarter 2019. Total costs and expenses contracted 34.1% year over year to $953.1 million in the quarter.
Contribution deteriorated 48.1% year over year to $248.8 million. Contribution margin slid to 49.8% from 50.1% a year ago. Lyft, carrying a Zacks Rank #5 (Strong Sell), exited the third quarter with unrestricted cash (cash and cash equivalents + short-term investments) of $2.45 billion compared with $2.85 billion at the end of 2019.
AMETEK’s third-quarter 2020 adjusted earnings of $1.01 per share beat the Zacks Consensus Estimate by 6.3%. Net sales of $1.13 billion surpassed the Zacks Consensus Estimate of $1.09 billion. The stock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
T-Mobile, carrying a Zacks Rank #3, reported adjusted earnings of $1.17 per share in the third quarter, beating the Zacks Consensus Estimate of 51 cents. Quarterly revenues of $19,272 million also surpassed the Zacks Consensus Estimate of $18,254 million.
Fitbit, carrying a Zacks Rank #3, incurred a loss (adjusted) of 3 cents per share, narrower than the Zacks Consensus Estimate of a loss of 11 cents. The company’s total revenues of $363.9 million surpassed the Zacks Consensus Estimate by 21.7%.
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Lyft (LYFT) Shares Gain Despite Wider-Than-Expected Q3 Loss
Lyft, Inc. (LYFT - Free Report) incurred a loss (excluding 56 cents from non-recurring items) of 90 cents per share in the third quarter of 2020, wider than the Zacks Consensus Estimate of a loss of 89 cents. Total revenues of $499.7 million beat the Zacks Consensus Estimate of $497.4 million. The revenue beat perhaps pleased investors, driving shares of the company up more than 5% in after-hours trading on Nov 10.
The top line also recovered significantly in the third quarter from the second, with gradual improvement in ride volumes following easing coronavirus-induced restrictions. Total revenues surged 48% sequentially in the third quarter.
However, the top line declined 47.7% year over year due to fall in Active Riders (riders who take at least one ride during a quarter on Lyft’s multimodal platform through its app) and Revenue per Active Rider, indicating that ride volumes are still way below year-ago levels as coronavirus concerns continue unabated.
Lyft, Inc. Price, Consensus and EPS Surprise
Lyft, Inc. price-consensus-eps-surprise-chart | Lyft, Inc. Quote
Active Riders declined 44% year over year to 12.51 million in the quarter under review. This San Francisco-based company’s Revenue per Active Rider slipped 7% to $39.94 million.
Adjusted-EBITDA loss for the third quarter was $239.7 million compared with a loss of $128.1 million incurred a year ago. The adjusted-EBITDA loss margin came in at 48% compared with 13.4% in third-quarter 2019. Total costs and expenses contracted 34.1% year over year to $953.1 million in the quarter.
Contribution deteriorated 48.1% year over year to $248.8 million. Contribution margin slid to 49.8% from 50.1% a year ago. Lyft, carrying a Zacks Rank #5 (Strong Sell), exited the third quarter with unrestricted cash (cash and cash equivalents + short-term investments) of $2.45 billion compared with $2.85 billion at the end of 2019.
Performance of Other Computer & Technology Stocks
Within the broader Computer and Technology sector, AMETEK, Inc. (AME - Free Report) , T-Mobile US, Inc. (TMUS - Free Report) and Fitbit, Inc. recently reported earnings numbers.
AMETEK’s third-quarter 2020 adjusted earnings of $1.01 per share beat the Zacks Consensus Estimate by 6.3%. Net sales of $1.13 billion surpassed the Zacks Consensus Estimate of $1.09 billion. The stock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
T-Mobile, carrying a Zacks Rank #3, reported adjusted earnings of $1.17 per share in the third quarter, beating the Zacks Consensus Estimate of 51 cents. Quarterly revenues of $19,272 million also surpassed the Zacks Consensus Estimate of $18,254 million.
Fitbit, carrying a Zacks Rank #3, incurred a loss (adjusted) of 3 cents per share, narrower than the Zacks Consensus Estimate of a loss of 11 cents. The company’s total revenues of $363.9 million surpassed the Zacks Consensus Estimate by 21.7%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>