Lyft Inc. shares slumped in the extended session Wednesday, dropping more than 2.7% after an initial rise of roughly 6% after beating Wall Street’s consensus revenue estimates.
The ride-hailing company reported third-quarter net losses of $463.5 million, which amounts to $1.57 a share, versus losses of $249.2 million, or $11.58 a share, in the year-ago quarter.
Lyft’s LYFT, +0.98% third-quarter losses includes $246.1 million of stock-based compensation and $86.6 million related to changes in insurance-related liabilities. Adjusted for those items, among other things, Lyft reported net losses of $121.6 million.
Revenue rose to $955.6 million from $585 million in the year-ago period.
Analysts surveyed by FactSet had estimated losses of $1.66 a share on revenue of $915 million. For the fourth quarter, analysts model losses of $1.66 a share on sales of $943 million.
Lyft says it expects full-year revenues of $3.57 billion to $3.58 billion; it expects fourth-quarter revenues of $975 million to $985 million.
Lyft stock has sunk 26% in the past six months, as the S&P 500 index SPX, +0.33% has gained 3.1%.