Lyft Inc. shares slumped in the extended session Wednesday, dropping more than 2.7% after an initial rise of roughly 6% after beating Wall Street’s consensus revenue estimates.

The ride-hailing company reported third-quarter net losses of $463.5 million, which amounts to $1.57 a share, versus losses of $249.2 million, or $11.58 a share, in the year-ago quarter.