Lyft Soars on Strong Earnings Outlook Fueled by Record Trips
- Ride-hailing service beat on fourth-quarter earnings guidance
- Company also raised outlook for full-year bookings growth
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Lyft Inc. shares surged after the company issued strong earnings guidance for both this quarter and the full year, signaling that the ride-hailing service’s plan to attract more commuters is working.
Fourth-quarter adjusted earnings will total as much as $105 million, far surpassing analysts’ estimates of $85 million, the San Francisco-based company said in a statement Wednesday. Lyft’s estimates for gross bookings also beat projections. And it raised its full-year outlook for both bookings growth and adjusted earnings margin.