Lyft shares rise as firm ups buyback to $750 million

Lyft shares jumped 7% after the corporate boosted its share buyback plan to $750 million in its first quarter earnings report.

Shares have been as excessive as 10% post-earnings.

This is how the ridesharing firm did:

• Earnings: 1 cent per share
• Income: $1.45 billion vs. $1.47 billion estimate from LSEG

Revenues grew 14% from a 12 months in the past to $1.45 billion. The corporate reported internet revenue of $2.57 million, or 1 cent per share. That is up from a internet lack of $31.54 million, or 8 cents per share, a 12 months in the past.

Rides jumped 16% in the course of the interval to 218.4 million and topped a FactSet estimate of 215.1 million. Lively riders grew 11% to 24.2 million, whereas gross bookings surged 13% to $4.16 billion and got here in barely forward of a $4.15 billion estimate from StreetAccount.

CEO David Risher stated the quarter was the sixteenth straight interval of double-digit 12 months over 12 months gross reserving progress for the corporate in an earnings launch. The ridesharing inventory has shed greater than 80% in worth since its buying and selling debut in March 2019.

“With our growth into new demographics through Lyft Silver and into Europe with our deliberate FREENOW acquisition, we’re placing all of the items in place for sustained, market-leading efficiency,” he stated.

For the second quarter, Lyft stated it anticipates rides progress within the mid-teens from a 12 months in the past. Gross bookings are anticipated to vary between $4.41 billion to $4.57 billion. Analysts polled by FactSet had forecast gross reserving of $4.48 billion.

Lyft reported $280.7 million in free money flows for the primary quarter, which topped a $136.3 million estimate from StreetAccount.

Final month, Lyft introduced an growth into Europe with the practically $200 million acquisition of Germany-based taxi app FreeNow.