Lyft experienced significant stock volatility in extended trading on Tuesday, initially soaring before retracting following the acknowledgment of a major error during the company’s earnings call by Chief Financial Officer Erin Brewer.
Revenue met expectations at $1.22 billion. Brewer clarified that the press release had misstated the margin expansion for 2024, initially indicated as 500 basis points but corrected to 50 basis points.
Despite the error correction, Lyft’s stock initially surged more than 60% after the earnings release but subsequently settled to about a 16% increase. This sharp fluctuation resulted in a market cap decline of over $2 billion for a company valued at less than $5 billion.
Lyft reported a fourth-quarter net loss of $26.3 million, or 7 cents per share, an improvement from the previous year’s loss of $588.1 million, or $1.61 per share. Revenue increased by 4% from the previous year to $1.22 billion. Looking ahead, Lyft forecasts gross bookings for the first quarter to range between $3.5 billion and $3.6 billion, surpassing analysts’ estimates.
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