Benzinga | Sep 21, 2021 10:55AM EDT

Why Lyft Shares Are Shifting Gears Today

Lyft Inc (NASDAQ:LYFT) is trading higher Tuesday in sympathy with Uber Technologies (NYSE:UBER) after the company announced it narrowed its third-quarter gross bookings guidance and said it expects to deliver sequential adjusted EBITDA improvement in the fourth quarter.

Uber said it expects third-quarter gross bookings to be in a range of $22.8 billion and $23.2 billion. The company expects adjusted EBITDA to be in a range between $0 and $100 million for the fourth quarter.

"With positive Adjusted EBITDA in July and August, we believe Uber is now tracking towards Adjusted EBITDA breakeven in Q3, well ahead of our prior guidance," said Nelson Chai, CFO of Uber. "We expect to deliver sequential Adjusted EBITDA improvement in Q4, even as we continue to invest in our growth initiatives."

Lyft is the second-largest ride-sharing service provider in the U.S., connecting riders and drivers over the Lyft app.

LYFT Price Action: Lyft has traded as high as $68.28 and as low as $21.34 over a 52-week period.

The stock was up 5.28% at $53.82 at time of publication.

Photo: courtesy of Lyft.