Lyft signage on a automobile in New York, US, on Tuesday, Feb. 6, 2024.
Shelby Knowles | Bloomberg | Getty Photos
Lyft shares jumped 5% after the corporate boosted its share buyback plan to $750 million in its first quarter earnings report.
Shares have been as excessive as 10% post-earnings.
Here is how the ridesharing firm did:
- Earnings: 1 cent per share
- Income: $1.45 billion vs. $1.47 billion estimate from LSEG
Revenues grew 14% from a 12 months in the past to $1.45 billion. The corporate reported internet revenue of $2.57 million, or 1 cent per share. That is up from a internet lack of $31.54 million, or 8 cents per share, a 12 months in the past.
Rides jumped 16% in the course of the interval to 218.4 million, whereas energetic riders grew 11% to 24.2 million. Gross bookings surged 13% to $4.16 billion and got here in barely forward of a $4.15 billion estimate from StreetAccount. The corporate mentioned the interval marked the sixteenth straight interval of double-digit 12 months over 12 months gross reserving progress.
“With our enlargement into new demographics by way of Lyft Silver and into Europe with our deliberate FREENOW acquisition, we’re placing all of the items in place for sustained, market-leading efficiency,” wrote CEO David Risher in a press launch.
For the second quarter, Lyft mentioned it anticipates rides progress within the mid-teens from a 12 months in the past. Gross bookings are anticipated to vary between $4.41 billion to $4.57 billion.
Lyft reported $280.7 million in free money flows for the primary quarter, which topped a $136.3 million estimate from StreetAccount.
Final month, Lyft introduced an enlargement into Europe with the almost $200 million acquisition of Germany-based taxi app FreeNow.
Lyft shares over the past 5 years
