Lyft says cost cuts, coming ride recovery could bring third-quarter profit

The Lyft Driver Hub is seen in Los Angeles, California, U.S., March 20, 2019. REUTERS/Lucy Nicholson/File Photo

(Reuters) - Lyft Inc said on Tuesday it could make an adjusted profit by the third quarter of this year despite the pandemic thanks to additional cost cuts and an expected rebound in ride-hail demand beginning in the second quarter of 2021.

Shares surged 10.7% to $59.40 in after-hours trading following the announcement.