The company had predicted it would grow by 5% in 2024, but later said that the real increase would be a factor of 10 lower
Lyft beat estimates for fourth-quarter profits on Tuesday as the ride-share platform reaps the benefits of growth in rides to stadiums and airports as well as heavy cost-cutting.
Company shares surged more than 60% in extended trading but erased most of those gains after Lyft’s chief financial officer corrected a major mistake in the earnings report. The company had predicted it would grow by 500 basis points (5%) in 2024, but later said that the real increase would be a factor of 10 lower – 50 basis points (0.5%). In 2023, the stock gained about 36%.
More Stories
Microsoft employee interrupts CEO’s keynote with pro-Palestinian protest
Sing when you’re winning: how karaoke in cars heralds the triumph of Chinese firms
TikTok breached EU advertising transparency laws, commission says