Lyft Stock Tanks As Weak Bookings Guidance Offsets First Quarterly Profit
Lyft(LYFT) Investopedia·2024-08-07 23:39
Key Takeaways Lyft swung to its first quarterly profit, driven by record rides. Current-quarter bookings and adjusted EBITDA guidance both came up short of analysts' expectations. Lyft shares plunged 13% in intraday trading Wednesday. Lyft (LYFT) shares plunged 13% intraday Wednesday as disappointing guidance outweighed the ridesharing company's first quarterly profit and record ridership numbers. The company expects current-quarter bookings of $4 billion to $4.1 billion and adjusted EBITDA of $90 million t ...