Lyft Posts Bookings and Outlook Beat, Expands Buybacks
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Lyft Inc. reported better-than-expected gross bookings in the first quarter, drawing a sharp contrast with the disappointing results issued by its much-larger ride-hailing rival Uber Technologies Inc. a day earlier.
Gross bookings for the first quarter were $4.16 billion, Lyft said in a statement Thursday, slightly beating the average of analysts’ estimates compiled by Bloomberg. Rides increased 16% from a year earlier to 218.4 million, also ahead of expectations.