Lyft soars as company charts a path out of the pandemic

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

(Reuters) - Lyft Inc shares soared more than 13% in extended trading on Tuesday after the company reported an adjusted profit for the third quarter and outlined a path to sustained profitability on the back of drastic cost cuts and a return of riders and drivers.

Lyft's leaner cost structure allowed it to increase ridership without incurring rising expenses and executives said they targeted even higher adjusted profit in the fourth quarter, outlining their conviction for a continued recovery from a bruising pandemic.