We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Lyft (LYFT) Shares Gain Despite Wider-Than-Expected Q3 Loss
Read MoreHide Full Article
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%.
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 >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
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 >>