Lyft stock soars as rides reach all-time high, earnings top expectations

Published On Nov 7, 2024, 1:50 PM

Lyft's stock surged nearly 30% following the announcement of record ridership numbers for the quarter ending September 30, 2024, with 217 million rides, surpassing expectations and reflecting a turnaround in its business strategy. The company reported adjusted earnings per share of $0.29, exceeding the forecast, although it still reported a net loss due to restructuring costs. Lyft's plan under CEO David Rischer includes cost-cutting measures, technology upgrades, and partnerships aimed at expanding into food delivery and autonomous vehicles. Despite these positive indicators, some analysts remain cautious and are awaiting sustained growth before changing their ratings.