Lyft surges after beating earnings estimates and boosting stock buybacks
Lyft is trading up 20% after posting first-quarter earnings yesterday that beat analyst estimates, netting a record number of bookings and boosting its share buyback plan to $750 million thanks to “financial strength.” The company saw strong growth in smaller, car-centric markets like Indianapolis and Charlotte, where rides grew more than 30% year over year. It’s also expanding internationally in Canada and Europe with its FreeNow acquisition.
The ride-hailing company posted revenue of $1.45 billion, up 14% from a year earlier, and net income of $0.01 per share, up from a loss of $0.08 a year ago.
In Q2, the company is forecasting ride growth in the mid-teens and gross bookings between $4.41 billion and $4.57 billion, with a midpoint slightly higher than analysts had anticipated.
