Lyft – one of the largest ride-sharing companies in the US posted its financial results for Q3 2020.
In Q3, Lyft had revenues of $499.7 million, topping the $486.6 million expected. It also exceeded last year’s figures of $339 million. The rise in revenue was due to an increase in the number of active raiders. The number of active users reached 12.5 million from last year’s 8.7 million.
The report came after Lyft, alongside Uber, DoorDash, and others, have been authorized in California to keep treating their drivers and delivery workers as independent contractors. Moreover, Lyft is looking to expand its delivery segment and is currently in talks with various retailers and restaurants.
Following the news, Lyft stock price gained 6%.
Read here how other companies have performed in the past quarter!