Lyft shares jumped 5% after the company boosted its share buyback plan to $750 million in its first quarter earnings report.
Shares were as high as 10% post-earnings.
Here’s how the ridesharing company did:
- Earnings: 1 cent per share
- Revenue: $1.45 billion vs. $1.47 billion estimate from LSEG
Revenues grew 14% from a year ago to $1.45 billion. 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.
Rides jumped 16% during the period to 218.4 million, while active riders growth advanced 11% to 24.2 million. Gross bookings surged 13% to $4.16 billion and came in slightly ahead of a $4.15 billion estimate from StreetAccount. The company said the period marked the 16th straight period of double-digit year over year gross booking growth.
“With our expansion into new demographics via Lyft Silver and into Europe with our planned FREENOW acquisition, we’re putting all the pieces in place for sustained, market-leading performance,” wrote CEO David Risher in a press release.
For the second quarter, Lyft said it anticipates rides growth in the mid-teens from a year ago. Gross bookings are expected to range between $4.41 billion to $4.57 billion.
Lyft reported $280.7 million in free cash flows for the first quarter, which topped a $136.3 million estimate from StreetAccount.
Lyft shares over the last five years
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