Lyft shares surged 7% on Thursday after the company raised its share buyback program to $750 million, according to CNBC. The ride-share company reported earnings of 1 cent per share on $1.45 billion in revenue, slightly below the $1.47 billion estimate from LSEG. CEO David Risher noted Lyft achieved its 16th consecutive quarter of double-digit gross booking growth, though the stock remains down over 80% since its 2019 debut. Lyft expects mid-teens ride growth in the second quarter and forecasts gross bookings between $4.41 billion and $4.57 billion, compared to a $4.48 billion estimate from FactSet.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Lyft shares surged 7% on Thursday after the company raised its share buyback program to $750 million, according to CNBC.
00:09The rideshare company reported earnings of one cent per share on $1.45 billion in revenue,
00:14slightly below the $1.47 billion estimate from LSEG.
00:17CEO David Risher noted Lyft achieved its 16th consecutive quarter of double-digit gross booking growth,
00:23though the stock remains down over 80% since its 2019 debut.
00:26Lyft expects mid-team's ride growth in the second quarter and forecasts gross booking between $4.41 billion and $4.57 billion,
00:34compared to the $4.48 billion estimate from FAQSA.
00:36For all things money, visit Benzinga.com slash GSTV.