Lyft, Inc. (NASDAQ: LYFT) released third-quarter financial results after markets closed Wednesday. The company said that it had a net loss of $0.41 per share and $955.6 million in revenue, compared with consensus estimates that called for a net loss of $1.58 per share and $809.27 million in revenue. The same period from last year had a net loss of $11.41 per share and $504.91 million in revenue.

During the quarter, active riders increased 28% year over year to 22.31 million, up from 17.39 million in the same period last year. Revenue per active rider is up 27% to $42.82, an increase from $33.63.

Looking ahead to the fourth quarter, Lyft expects to see an adjusted EBITDA loss in the range of $160 million to $170 million and revenue in the range of $975 million to $985 million. Consensus estimates are calling for a net loss of $1.64 per share and $942.64 million in revenue for the coming quarter.

Logan Green, co-founder and CEO of Lyft, commented:

Our third quarter results demonstrated the significant progress Lyft has made on our path to profitability. Record revenue was generated by strong growth in both Active Riders and Revenue per Active Rider as we continue to increase engagement through product innovation and execution. Our continued focus on consumer transportation is yielding meaningful improvements in monetization and strong operating leverage. As a result of the continued strength of our execution, we are updating our outlook for 2019. Importantly, we now expect to be profitable on an Adjusted EBITDA basis in the fourth quarter of 2021.

Shares of Lyft closed Wednesday at $44.11, with a post-IPO range of $37.07 to $88.60. The consensus analyst price target is $69.83. Following the announcement, the stock was up initially about 1% at $44.57 in the after-hours session.

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