Goldman Sachs upgraded shares of Lyft to a buy rating following the company’s third quarter earnings results. In a note to clients on Thursday the firm said that the ride-hailing company is gaining market share and beginning to show operational efficiencies.
For the third quarter, Lyft reported a loss of $1.57, which was smaller than the $1.66 loss the Street had been anticipating, according to estimates from Refinitiv. Revenue came in at $956 million, which also topped the expected $915 million. Active rider numbers were up 28% year-over-year and the company raised its full-year revenue guidance.