Lyft, Inc. (NASDAQ:LYFT) shares plummet Tuesday, on the release of financial results for its third quarter.
The ride-share service reported Q3 revenue of $1,053.8 million versus $864.4 million in the third quarter of 2021, an increase of 22 percent year-over-year, and versus $990.7 million in the second quarter of 2022, an increase of 6 percent quarter-over-quarter.
Net loss for Q3 2022 was $422.2 million versus a net loss of $99.7 million in the same period of 2021 and a net loss of $377.2 million in the second quarter of 2022. Net loss for Q3 includes $224.1 million of stock-based compensation and related payroll tax expenses and a $135.7 million impairment charge related to a non-marketable equity investment and other assets.
Adjusted net income for Q3 2022 was $36.7 million versus a figure of $17.8 million in the third quarter of 2021 and Adjusted net income of $46.4 million in the second quarter of 2022.
Said CEO Logan Green, “I’m extremely proud of the strong results the team delivered in Q3. We are seeing material progress and organic tailwinds and feel very well positioned for the road ahead.
“We have taken decisive steps to ensure we can deliver profitable growth, and we are even more confident in our ability to achieve our 2024 financial targets.”
LYFT shares dipped $2.50, or 17.7%, to $11.64.
