After the release of better-than-expected third-quarter results, Lyft Inc (LYFT) (up 1 percent) increased as well as its ability to expand into meal delivery, one of the few growth markets for the industry this year. The California-based corporation posted an adjusted EBITDA loss of $240 million for a revenue of $499.7 million in the three months to the end of September. The consensus was projected to be $265 million and $486.5 million, respectively. The net loss was $459.5 million, or $1.46 per share, and the adjusted EPS was 89 cents per share against the consensus of 93 cents per share for the same.
In the third quarter, Lyft said the number of active customers grew to 12.5 million, up 44 percent from the previous quarter, but only half the level of 22.3 million in the third quarter of 2019.
Management also celebrated the decision of California voters in support of “Proposition 22,” seen as a “victory for the economic recovery of drivers, consumers and California.” In a referendum, Californians validated the fact that ride-hailing drivers will remain self-employed, with some related benefits, but will not become employees of the companies they work for.
Apple Inc (AAPL) was up 3% on Wednesday when it also launched a new MacBook Air as well as other devices using the first processor of the company, an initiative that will bring computers and phones produced by the California-based company closer together technologically. The new chip, dubbed M1, marks the end of Apple and Intel’s partnership, which for almost 15 years had been designing processors used in Apple’s computers. Apple hopes developers can now create applications that operate on their computers as well as tablets.
Tencent Music Entertainment Group (TME) was up 0.4% in Wednesday trading. The company reported better-than-expected earnings and revenues in the last quarter, driven by a rise in the number of paying users of its music streaming service. Tencent said it is seeing a gradual increase in the paid users’ retention rate.