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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."

42 mins ago - Health

Government website for free COVID tests launches early

COVID-19 rapid at-home test kits. Photo: Mario Tama/Getty Images

The website where Americans can request free, at-home rapid COVID-19 tests from the government launched Tuesday and is now accepting orders.

Driving the news: The website went live in its beta phase and is operating at a limited capacity a day before its official launch. Every home in the U.S. is eligible for up to four COVID tests, according to the website.

AT&T, Verizon extend 5G delay over airline panic

Illustration: Brendan Lynch/Axios

AT&T and Verizon said Tuesday they would delay lighting up its 5G signals near a limited number of airports after renewed opposition from the aviation industry over concerns about signal interference.

Why it matters: The CEOs of leading airlines warned of catastrophic disruption to flights if AT&T and Verizon deployed 5G as planned this week.

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