Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

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

Coronavirus pandemic brings boom times for swaths of corporate America

Illustration: Aïda Amer/Axios

Not only are corporate earnings coming in above Wall Street’s expectations, but a large swath of corporate America is making more money now than before the pandemic hit.

By the numbers: Earnings season is nearly over. Of the companies that have reported quarterly results, 52% saw bigger profits compared to this time last year, according to data provided to Axios by FactSet.

Nov 12, 2020 - Economy & Business

Disney touts 73 million Disney+ subscribers amid tumultuous year

Photo: Disney

Disney's stock skyrocketed after market close Thursday when the company reported better-than-expected subscriber additions for its streaming service Disney+, offsetting losses in the company's studios, parks and resorts divisions.

Yes, but: Revenue fell 23% from this time last year to $14.7 billion and the company's profits disappeared. Still, the losses weren't as bad as investors anticipated and the company saw a boost from some successes in the reopening of sports and engagement in its broadcast network, ABC, around the election.

Updated 4 hours ago - Politics & Policy

Key government agency says Biden transition can formally begin

General Services Administrator Emily Murphy. Photo: Alex Edelman/CNP/Getty Images

General Services Administrator Emily Murphy said in a letter to President-elect Joe Biden on Monday that she has determined the transition from the Trump administration can formally begin.

Why it matters: Murphy, a Trump appointee, had come under fire for delaying the so-called "ascertainment" and withholding the funds and information needed for the transition to begin while Trump's legal challenges played out.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!