Lyft Shares Rise On Better-Than-Expected Q1 Results (CORRECTED)
Portfolio Pulse from Erica Kollmann
Lyft, Inc. (NASDAQ:LYFT) reported mixed Q1 results with a loss of 8 cents per share, missing the consensus estimate of earnings of 3 cents per share, but exceeded sales expectations with $1.28 billion against the forecast of $1.16 billion. Gross bookings rose 21% year-over-year to $3.7 billion. The company projects Q2 gross bookings between $4 billion and $4.1 billion, with an adjusted EBITDA of $95 million to $100 million. Lyft's shares rose 4.34% in after-hours trading to $17.32.
May 07, 2024 | 8:45 pm
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Lyft reported mixed Q1 earnings, missing EPS estimates but beating revenue forecasts, with shares rising 4.34% after-hours.
The mixed earnings report shows a significant beat on revenue expectations and a positive outlook for the next quarter, which likely contributed to the after-hours stock price increase. The miss on EPS estimates is a concern but seems to be outweighed by the strong revenue and bookings growth.
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