Nov 6 (Reuters) - Lyft ( LYFT ) forecast current-quarter
gross bookings above estimates after beating September-quarter
sales on Wednesday as more people return to offices, indicating
steady demand for ride-hailing services.
As more companies enforce return-to-office policies, workers
are increasingly turning to app-based taxi services such as Lyft ( LYFT )
and Uber ( UBER ) for their daily commute, leading to a surge in
weekday demand for ride-hailing services.
While Uber ( UBER ) last week reported better-than-expected
third-quarter revenue, its forecast for the holiday quarter fell
short of analyst estimates, disappointing investors.
Despite Uber's ( UBER ) dominant position in the industry, analysts
and investors anticipate Lyft ( LYFT ) to maintain its strong
second-place standing.
Lyft ( LYFT ) has been investing in strategies to attract and retain
more drivers, aiming to solidify its market position and capture
a larger share of the market from Uber ( UBER ).
Revenue surged 31.5% to $1.52 billion in the quarter ended
Sept. 30, surpassing analysts' average estimate of $1.44
billion, according to data compiled by LSEG.
It expects gross bookings for the year to grow about 17%,
higher than Wall Street's expectation of 16.3%.
Earlier in the day, Lyft ( LYFT ) said it would partner with Mobileye
and two other companies in the robotaxi industry to
bring self-driving cars onto its ridehail platform and bolster
research and development in the sector.
Lyft ( LYFT ) has implemented several initiatives this year to
attract and retain more drivers, including guaranteed minimum
earnings and higher pay for longer trips, as it seeks to meet
rising demand and compete with Uber ( UBER ).
Lyft ( LYFT ) said it expects gross bookings between $4.28 billion
and $4.35 billion in the fourth quarter, above estimates of
$4.23 billion.
It forecast current-quarter core earnings of $100 million to
$105 million, higher than expectations of $85.1 million.
The company's adjusted earnings before interest, tax,
depreciation and amortization of $107.3 million in the third
quarter, beating expectations of $94.4 million.
(Reporting by Akash Sriram in Bengaluru; Editing by Anil
D'Silva)