Lyft Earnings Miss Estimates After Global Expansion Push

Lyft Inc. reported profit in the first quarter that fell short of Wall Street’s estimates after it spent heavily on an international expansion and on adding higher-end offerings like chauffeur services.

Earnings were 4 cents a share, shy of the average analyst forecast for 5.7 cents, due in part to integration costs related to recent acquisitions. Gross bookings, which include taxes, tolls and fees, were $4.95 billion, slightly ahead of expectations of $4.91 billion.