Lyft CEO David Risher poses for a portrait in New York City, U.S., April 16, 2025.
Kylie Cooper | Reuters
Lyft shares climbed 20% Friday after the ride-sharing company upped its share buyback plan and posted better-than-expected gross bookings.
During an interview with CNBC’s “Squawk Box,” CEO David Risher said that Lyft isn’t seeing “anything to worry about” despite widespread concerns of a slowing consumer amid ongoing economic uncertainty.
“Our team is stronger than it’s ever been, and the consumer demand is absolutely there,” he said.
Gross bookings grew 13% from a year ago to $4.16 billion, slightly beating a $4.15 billion estimate from StreetAccount. The company said the quarter was its 16th straight period of gross bookings growth.
Rides increased 16% to 218.4 million, topping a FactSet estimate of 215.1 million.
Lyft’s revenues grew 14% during the first quarter from a year ago to $1.45 billion, but fell short of a $1.47 billion estimate from LSEG. The company reported net income of $2.57 million, or 1 cent per share. That’s up from a net loss of $31.54 million, or 8 cents per share, a year ago.
The board also authorized boosting Lyft’s share repurchase plan to $750 million. The company said it aims to use $500 million over the next year.
Lyft 5-day stock chart