Lyft’s CEO Says ‘My Bad’ on Margin Error, ‘It Was One Zero’
- Clerical mistake overshadowed a more positive earnings report
- CEO says the company is taking the issue ‘very seriously’
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Lyft Inc. Chief Executive Officer David Risher’s response to a clerical error that unintentionally inflated the company’s earnings outlook on Tuesday and sent shares soaring: “My bad.”
“First of all, it’s on me,” Risher said in an interview with Bloomberg Television on Wednesday, taking the blame for a typo in a company press release Tuesday that erroneously projected a particular measure of earnings margin to expand by an eye-watering 500 basis points. (In reality, Lyft expects margins to grow by 50 basis points.) “This was a bad error,” he said, “but it was one zero in a press release.”