Uber Technologies and Lyft Inc. IPOs Message Board

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Technology Stocks : Uber Technologies and Lyft Inc. IPOs

UBER 96.50

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Oct 31 9:30 AM EST

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To: Ron who wrote (258)	2/14/2024 9:41:31 PM
From: Sr K	1 Recommendation Recommended By Ron of 266

Lyft Shares Surge as Strong Earnings Report Offsets Typo Confusion Company’s earnings release accidentally added an extra zero to a key number; shares hit 52-week high By Preetika Rana Updated Feb. 14, 2024 6:14 pm ET Share Resize Listen (2 min) Lyft forecast better-than-expected bookings for the current quarter. PHOTO: LOREN ELLIOTT/BLOOMBERG NEWS Lyft shares hit a 52-week high Wednesday following the company’s strong fourth-quarter results and despite confusion caused by a mistake in its earnings release. Lyft’s release Tuesday said one of its profit margins was expected to expand by 500 basis points—or 5 percentage points—in 2024. That margin was only expected to expand by 50 basis points, the company’s chief financial officer later clarified on a call with analysts. The figure in question is a wonky but closely watched metric. The ride-sharing company was forecasting its adjusted earnings margin as a percentage of its bookings. A higher margin signals that Lyft is earning a bigger cut from its bookings. The company’s stock soared over 60% when the release came out after the close of regular trading Tuesday. Many stock trades are done by computers, reacting in fractions of seconds to new information. The inflated margin likely triggered a buying frenzy before most people could digest the numbers. Exc.

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