Lyft shares rise as company ups buyback to $750 million

Lyft signage on a vehicle in New York, US, on Tuesday, Feb. 6, 2024. Lyft shares jumped 7% 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 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, a year ago. Rides jumped 16% during the period to 218.4 million and topped a FactSet estimate of 215.1 million. Active riders grew 11% to 24.2 million, while gross bookings surged 13% to $4.16 billion and came in slightly ahead of a $4.15 billion estimate from StreetAccount. ... Read full article.