Lyft Stock News

Lyft, Inc. (NASDAQ:LYFT ) Q2 2024 Results Conference Call August 7, 2024 8:15 AM ET Company Participants Aurelien NOLF - VP, FP&A and Investor Relations David Risher - Chief Executive Officer Erin Brewer - Chief Financial Officer Conference Call Participants Doug Anmuth - JPMorgan Ken Gawrelski - Wells Fargo Michael McGovern - Bank of America Brian Nowak - Morgan Stanley Brad Erickson - RBC Cap...

Lyft Inc. turned its first GAAP profit in its latest quarter, while reporting a record number of rides and its largest quarterly haul of new drivers in years.

Lyft (LYFT) shares plunged 13% intraday Wednesday as disappointing guidance outweighed the ridesharing company's first quarterly profit and record ridership numbers.

Shares in Lyft Inc (NASDAQ:LYFT) tanked 14% premarket after it provided lower-than-expected guidance for the current quarter and despite a maiden quarterly profit from the ride-hailing giant. In the three months ended June 30 (Q2), gross bookings grew by 17% to $4 billion, leading to a 41% rise in revenue to $1.4 billion.

Lyft earnings beat Q2 views, with a first-ever GAAP profit. But the ride-hailing giant missed on gross bookings and gave weak guidance.

The ride-hailing company posts its first-ever GAAP profit but issues a disappointing forecast.

Lyft reported better-than-expected revenue in the second quarter and posted a net profit for the first time on Wednesday, driven by a booming ride-share market and company-wide cost cuts last year.

SAN FRANCISCO--(BUSINESS WIRE)--Lyft, Inc. (Nasdaq:LYFT) today announced financial results for the second quarter ended June 30, 2024. “For over a year you've heard us say that customer obsession drives profitable growth," said CEO David Risher. “In Q2 we delivered, and drivers and riders are choosing Lyft in record numbers.” “Our platform is growing in a very healthy way as evidenced by the st...