Shares of Lyft (NASDAQ: LYFT) were moving higher today after the nation's No. 2 ridesharing company delivered solid first-quarter results, bouncing back from the pandemic and showing that recent cost-cutting efforts were paying off. As of 12:18 p.m. ET, the stock was up 5.5% on the news.

The ride-hailing specialist said gross bookings in the quarter were up 21% to $3.7 billion, driving revenue up 28% to $1.28 billion, which easily beat analyst expectations at $1.16 billion. Key metrics were solid across the board as active riders rose 12% to 21.9 million and total rides increased 23% to 188 million. Demand for early morning, commute, and weekend evening trips was particularly strong.

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Source Fool.com