Lyft Inc LYFT reported third-quarter earnings after Wednesday's closing bell.

Earnings came in at a loss of $1.57 per share, which may not compare to the estimated loss of $1.67. Sales came in at $955.598 million, beating estimates by $43.338 million. The company also raised fourth quarter and 2019 guidance.

“Record revenue was generated by strong growth in both Active Riders and Revenue per Active Rider as we continue to increase engagement through product innovation and execution,” said Logan Green, co-founder and CEO of Lyft. “Our continued focus on consumer transportation is yielding meaningful improvements in monetization and strong operating leverage. As a result of the continued strength of our execution, we are updating our outlook for 2019. Importantly, we now expect to be profitable on an Adjusted EBITDA basis in the fourth quarter of 2021.”

Highlights

• Revenue grew 63% year-over-year
• Contribution was up 82% year-over-year
• Adjusted net loss was $121.6 million

Lyft shares initially traded higher following the earnings print, but turned red at time of publication. The stock closed the regular session at $44.11 per share.