Shares in Lyft Inc. rose more than 20% in late trading today after the ride-hailing company impressed investors with strong revenue in its fiscal third quarter and a decent outlook despite falling very short on earnings.

For the quarter that ended on Sept. 30, Lyft reported an adjusted loss per share of three cents, the same as it did in the same quarter of last year, on revenue of $1.52 billion, up 32% year-over-year. Analysts were expecting earnings per share of 20 cents per share — a 23-cent miss — on revenue of $1.44 billion.

Gross bookings in the quarter came in at $4.1 billion, up 16% year-over-year, with the increase driven by Lyft hitting a company record of 24.4 million active riders in the quarter, up 9% year-over-year. Those active riders are also using Lyft more, with the company also delivering 217 million rides in the quarter, up 16% year-over-year.

Lyft saw a net loss of $12.4 million in the quarter, up from a loss of $12.1 million in the same quarter of 2023. The loss aside, the money coming into Lyft is increasing, with the company seeing net cash from activities come in at $264 million in the quarter, up from $2.3 million in third quarter of fiscal 2023.

Recent business highlights include Lyft teaming up with Mobileye Global Inc., May Mobility Inc. and Nexar Ltd. to bring autonomous vehicle options to riders. Beginning in 2025, Lyft users in Atlanta can be matched with an autonomous vehicle when hailing a ride, marking a step forward in Lyft’s AV integration.

In addition, Lyft signed a strategic partnership with DoorDash Inc. that brings exclusive benefits to DashPass members who choose Lyft for their rides. Millions of DashPass subscribers in the U.S. have new incentives to select Lyft, further boosting the platform’s appeal.

Lyft also implemented driver earnings improvements, guaranteeing extra earnings for rides exceeding estimated times or requiring out-of-the-way drop-offs, along with upfront dollar-per-hour estimates for each ride.

“Our team delivered one of the strongest quarters in Lyft history, following the many new innovations we’ve brought to drivers and riders so far this year,” Chief Executive Officer David Risher said in the company’s earnings release. “Going forward, our work with best-of-breed partners and the autonomous future we’re building will give people even more reasons to choose Lyft every time.”

For its fiscal fourth quarter, Lyft expects to see gross bookings of $4.28 billion to $4.35 billion, up 15% to 17% year-over-year.

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