Lyft Shares Rise On Better-Than-Expected Q1 Results (CORRECTED)

Editor’s note: The headline and body of this story have been updated to correct an error in the reporting of Lyft’s first-quarter earnings per share figure.

Lyft, Inc. (NASDAQ:LYFT) reported its first-quarter financial results after the bell Tuesday. Here's a look at the details. 

The Details: Lyft reported quarterly earnings of 15 cents per share, which beat the analyst consensus estimate of 3 cents by 400% and represents an 114.29% increase year-over-year.

Quarterly sales came in at $1.28 billion, which beat the analyst consensus estimate of $1.16 billion by 10.02% and represented a 27.59% increase over sales of $1 billion from the same period last year.

Gross bookings for the first-quarter were $3.7 billion, up 21% year-over-year.

“Lyft is off to a strong start in 2024. We are executing well and bringing much-needed innovation to the market. That’s why drivers and riders are choosing Lyft more often,” said CEO David Risher. “After a year in the driver’s seat at Lyft I’m thrilled to see all the ways that our customer obsession drives profitable growth.”

Outlook: Lyft saw second-quarter gross bookings of between approximately $4 billion and $4.1 billion, adjusted EBITDA of between $95 million and $100 million and an adjusted EBITDA margin of approximately 2.4%. The company said it remains on track to generate positive free cash flow for the full year.

Related News: Hims & Hers Health Reports Better-Than-Expected Q1 Results, Strong Guidance

LYFT Price Action: According to Benzinga Pro, Lyft shares are up 4.34% after-hours at $17.32 at the time of publication Tuesday.

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