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Illustration: Lazaro Gamio/Axios

Lyft posted a much larger loss than analysts expected, though it beat revenue estimates, in its third quarter results reported Tuesday. But on a call with analysts, the company pointed to its recent legislative victory in California and the potential it sees in expanding its foray into delivery as signs of better times ahead.

Why it matters A week ago, Lyft and other gig companies got California voters to back a ballot proposal that cements their drivers' status as independent contractors, which is central to the companies' business models.

Meanwhile: Lyft also touted its burgeoning delivery business, which it began during the pandemic as demand for ride-hailing suddenly plummeted.

  • According to Zimmer, Lyft prefers to stick to a business-to-business approach rather than build out a consumer-facing service. He took a jab at rival Uber's food delivery service for charging restaurants a commission for deliveries and access to its marketplace.
  • Yes, but: Lyft also touted during the call its month-old partnership with food delivery company GrubHub — which charges restaurants fees in line with Uber Eats and other peers, and was recently sued by restaurants for providing delivery without their permission.

The big picture: Unlike Uber, Lyft has stuck to ride-hailing (plus bike and scooter rentals), and didn't have an established delivery business to turn to when the pandemic hit.

  • Nevertheless, the company said it still projects reaching EBITDA profitability in next year's fourth quarter.

By the numbers:

  • Loss per share: $1.46, compared to $0.91 expected, per Yahoo Finance.
  • Revenue: $499.7 million, compared to $486.45 million expected, per Yahoo Finance.
  • Active riders: 12.5 million, down 44% year-over-year.
  • Revenue per active rider: $39.94, down 7% year-over-year.

Lyft's stock price traded about 5% higher in after-market hours.

Listen: Zimmer speaks to Axios' Re:Cap podcast about what comes next for the gig economy

Go deeper

Ben Geman, author of Generate
Jan 29, 2021 - Economy & Business

Chevron posts another quarterly loss under weight of pandemic

Photo: Justin Sullivan/Getty Images

Chevron posted another quarterly loss Friday in the latest sign of how the pandemic is still weighing on oil companies despite some price recovery during the second half of the year.

Driving the news: The oil giant reported a $665 million loss for the October-December period, but it shrinks to $11 million on an adjusted basis after considering charges on its acquisition of Noble Energy and "foreign currency effects."

Updated 3 hours ago - Politics & Policy

Senate action on stimulus bill continues as Dems reach deal on jobless aid

Photo: Alex Wong/Getty Images

Democratic leaders struck an agreement with Sen. Joe Manchin (D-W.V.) on emergency unemployment insurance late Friday, clearing the way for Senate action on President Biden's $1.9 trillion stimulus package to resume after an hours-long delay.

The state of play: The Senate will now work through votes on a series of amendments that are expected to last overnight into early Saturday morning.

Capitol review panel recommends more police, mobile fencing

Photo: Olivier Douliery/AFP via Getty Images

A panel appointed by Congress to review security measures at the Capitol is recommending several changes, including mobile fencing and a bigger Capitol police force, to safeguard the area after a riotous mob breached the building on Jan. 6.

Why it matters: Law enforcement officials have warned there could be new plots to attack the area and target lawmakers, including during a speech President Biden is expected to give to a joint session of Congress.

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