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%.
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