Lyft Shares Decline 17% After Lowering Expected Profits Despite Q2 Success
Stock Earnings Results
August 12, 2024
Lyft reported Q2 earnings with a 10% increase in active riders and a 17% surge in gross bookings. The company introduced a price lock feature and generated $256.4 million in free cash flow.
Despite these gains, Lyft's shares dropped over -17% after they lowered expected profits below analyst estimates.
Lyst says its Canada rides doubled in Q2 compared to last year, and Toronto grew to become its 8th largest market.
On the conference call, Lyft’s CEO announced the launch of the price lock feature, allowing users to cap fares with subscriptions.
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