Lyft Stock News

Lyft is adding a new feature, making it easier to avoid surge pricing. The rideshare app's Price Lock option is aimed at daily commuters.

Shares of Lyft crashed nearly 20% after reporting Q2 results, primarily on a weaker bookings outlook for Q3. The company has elected to focus on profitable growth, pulling back on incentives and sales and marketing. As a result, it hit GAAP profitability for the first time. That's not to say growth is lacking: the company is also hitting new records in rides, active riders, and gross bookings.

The company reported gross bookings that fell at the bottom end of Wall Street analysts' predicted range, scaring investors and causing shares to drop.

Lyft topped estimates on the top and bottom lines, and it reported its first-ever GAAP profit. The company capitalized on events like Pride and college graduations.

Ride-hailing platform Lyft on Wednesday (Aug. 7) announced performance benchmarks in the second quarter, reflecting strong engagement from both riders and drivers. The company reported a record 23.7 million active riders, representing a 10% increase from the previous year.

Ride-sharing specialist Lyft (NASDAQ: LYFT ) is seeing shares plunge during the midweek session despite generally positive second-quarter earnings results. However, it appears that the market is responding to the minutia of the print, which left some questions.

Lyft shares tumbled to their biggest loss in more than a year on Wednesday after the ride-hailing app reported gross bookings that spooked investors.

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