Lyft stock soars thanks to Taylor Swift, Beyoncé and layoffs

Rides to stadiums for music tours and sports events grew more than 35% in 2023 as company underwent an aggressive restructure

Lyft beat estimates for fourth-quarter profits on Tuesday and said it would generate positive free cashflow for the first time in 2024, as the ride-share platform reaps the benefits of heavy cost-cutting.

Company shares surged nearly 60% in extended trading but erased a third of those gains after Lyft’s chief financial officer corrected a major mistake in the earnings report. Erin Brewer had said that the company would grow by 500 basis points (5%) in 2024, but later said that the real increase would be a factor of 10 lower – 50 basis points (0.5%). In 2023, the stock gained about 36%.

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from Technology | The Guardian https://ift.tt/BG6euHD