Lyft (LYFT) shares leaped higher after the company reported better-than-expected sales for the third quarter, coupled with a strong outlook for the current quarter. Active riders are up 9% from a year ago, with a growing number of commuters using the platform.

Needham & Company Managing Director Bernie McTernan joins Yahoo Finance Live to discuss Lyft’s progress and its competitive position to Uber (UBER).

While Lyft is gaining ground, he tells Seana Smith that the company is still trailing Uber in overall growth.

“The problem for Lyft is that everyone knows what Lyft is,” McTeran said. The company needs to “get further down the funnel and actually engage with them.”

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This post was written by Cindy Mizaku.