Why Lyft Stock Is Skyrocketing Today
Shares of Lyft (NASDAQ: LYFT) are surging on Friday. The ride-sharing company's stock gained 27.4% as of 3:25 p.m. ET and was up as much as 28.3% earlier in the day. The jump comes as the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) were essentially flat.The company reported a profitable Q1 and announced a significantly expanded share buyback program.Lyft once again is operating in the black, after years of struggling to turn a profit. This marks the third positive quarter of the last four. The company's net income of $2.57 million, albeit a small profit, is a large improvement compared to Q1 2024's net loss of $31.54 million. And its 14% top-line growth slightly missed Wall Street's target, but the continued profitability appeared more important to investors. Continue reading
Shares of Lyft (NASDAQ: LYFT) are surging on Friday. The ride-sharing company's stock gained 27.4% as of 3:25 p.m. ET and was up as much as 28.3% earlier in the day. The jump comes as the S&P 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) were essentially flat.
The company reported a profitable Q1 and announced a significantly expanded share buyback program.
Lyft once again is operating in the black, after years of struggling to turn a profit. This marks the third positive quarter of the last four. The company's net income of $2.57 million, albeit a small profit, is a large improvement compared to Q1 2024's net loss of $31.54 million. And its 14% top-line growth slightly missed Wall Street's target, but the continued profitability appeared more important to investors.
