Lyft Shares Drive Higher After Mixed Q1 Report, Stock Buyback Program Raised To $750 Million

LYFT, Inc. (NASDAQ:LYFT) released its first-quarter results after Thursday's closing bell. Here's a look at the details of the report. 

The Details: Lyft reported quarterly earnings of one cent per share, which beat the analyst consensus estimate of losses of one cent. Quarterly revenue came in at $1.45 billion, which missed the Street estimate of $1.47 billion.

Lyft’s board of directors authorized an increase to its share repurchase program to a new total of $750 million. The company said it intends to utilize $500 million of this authorization within the next 12 months, $200 million of which will be used within the next three months.

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For the first quarter, Lyft reported:

• Gross Bookings of $4.2 billion, up 13% year over year.
• Rides grew 16% year over year to 218.4 million, a record first quarter.
• Active Riders growth accelerated to 11% year over year to 24.2 million, a record first quarter.

“Q1 marked Lyft’s 16th consecutive quarter of double-digit year-over-year Gross Bookings growth demonstrating the resilience and momentum of our customer-obsessed strategy,” said Lyft CEO David Risher.

“In the last week of March, rides reached the highest weekly levels in our history and dual-app drivers reported a 23 percentage point preference for Lyft. With our expansion into new demographics via Lyft Silver and into Europe with our planned FREENOW acquisition, we’re putting all the pieces in place for sustained, market-leading performance,” Risher added.

LYFT Price Action: According to data from Benzinga Pro, Lyft stock was up 7.30% at $13.95 after-hours Thursday.  

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