Why Lyft Stock Is Skyrocketing Today
(NASDAQ: LYFT) stock is soaring in Wednesday's trading. The ride-hailing company's share price was up by 31.5% as of 1 p.m. ET, according to data from S&P Global Market Intelligence.
Lyft published its fourth-quarter results after the market closed Tuesday, reporting earnings that beat Wall Street's expectations. In response to what turned out to be an error in the earnings press release, the company's share price initially rocketed more than 60% higher in after-market trading Tuesday. The original text said that Lyft forecast that its adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margin would expand by 5 percentage points in 2024. In fact, it expects that margin to expand by 0.5 percentage points. But even after what management described as a "clerical error" was publicly corrected and the guidance figure was revised downwards, Lyft has still been posting explosive gains Wednesday.
In 2023's fourth quarter, Lyft posted a net loss of $26.3 million on revenue of $1.22 billion. The company's sales grew roughly 4% year over year in the period and were in line with the average analyst estimate.
Source Fool.com
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