Lyft shares soar greater than 60% on earnings beat, steering

Lyft shares soared greater than 60% in prolonged buying and selling on Tuesday after the ride-hailing firm reported better-than-expected earnings and gave steering that topped estimates.

This is how the corporate did:

• Earnings: 18 cents per share, adjusted, vs. 8 cents estimated by analysts, based on LSEG, previously Refinitiv.
• Income: $1.22 billion, vs. $1.22 billion anticipated by analysts, based on LSEG.

Income elevated 4% from $1.175 billion a yr earlier, Lyft mentioned.

Gross bookings for the primary quarter might be $3.5 billion to $3.6 billion, topping analyst estimates of $3.46 billion, based on StreetAccount.

“Given these factors, along with our plans for slightly lower capital expenditures for 2024 relative to 2023, we anticipate that Lyft will generate positive Free Cash Flow for the full-year for the first time,” Lyft mentioned.

The corporate has struggled since its IPO in 2019, because it’s bled money to pay for drivers and compete with bigger rival Uber. Even with Tuesday’s after-hours pop, the inventory continues to be greater than 70% off its debut price.

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