Lyft

2024 - 2 - 14

Lyft's Rollercoaster Ride: From Earnings Drama to Strike Chaos

driver strikes - Lyft - ride-hailing industry - stock market volatility - Uber

Discover the tumultuous journey of Lyft's stock surge, forecast error, and driver strikes that shook the ride-hailing industry.

Lyft experienced a rollercoaster ride in the stock market, as shares initially surged over 60% before a sharp fall due to a clerical error in its earnings release, which mistakenly overstated its performance. Despite this blunder, Lyft managed to surpass analyst expectations. The forecast error rattled traders, raising concerns of potential regulatory scrutiny and legal repercussions.

In a bizarre turn of events, thousands of Uber and Lyft drivers organized strikes across major U.S. airports, aiming for fairer pay and better working conditions, marking one of the largest coordinated actions in the industry.

Additionally, Lyft's revelation of record ridership driven by continuous innovation showcased its resilience amidst the turmoil. The company's stock witnessed significant fluctuations, highlighting the impact of a single typo on investor sentiment.

As for interesting facts, Lyft CEO David Risher took accountability for the earnings mishap, emphasizing a 'one zero' error that inflated the outlook. The strike actions by drivers underscored the growing demand for improved conditions in the gig economy, illuminating the challenges faced by workers in the industry.

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Image courtesy of "Financial Times"

Caution: Lyft out of order (Financial Times)

Shares of Lyft soared more than 60 per cent on Tuesday before falling back sharply, after an error in the ride-hailing company's quarterly earnings release ...

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Image courtesy of "CNBC"

Lyft shares up 20% in premarket trade, retaining some gains after ... (CNBC)

The company said it had made a major error in a press release reporting its latest results, but nonetheless outperformed analyst estimates.

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Image courtesy of "Reuters Canada"

Lyft forecast gaffe jolts traders, could invite scrutiny (Reuters Canada)

Lyft's forecast error that sent shares into a tizzy overnight may invite regulatory or legal scrutiny, analysts and experts said on Wednesday, ...

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Image courtesy of "Yahoo Finance"

A 'Clerical Error' in Lyft Outlook Triggered 67% Stock Jump (Yahoo Finance)

(Bloomberg) -- It was, without a doubt, a strong earnings report.Most Read from BloombergMusk Says Putin Can't Lose in Ukraine, Opposes Senate BillThe ...

Uber and Lyft drivers plan Valentine's Day strikes in Pittsburgh and ... (90.5 WESA)

Thousands of U.S. ride-hailing workers plan to park their cars and picket at major U.S. airports in what organizers say is their largest strike yet in a ...

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Image courtesy of "NBC Chicago"

Uber, Lyft drivers to strike in Chicago, shutting off apps and turning ... (NBC Chicago)

Thousands of rideshare drivers in 10 cities will strike Wednesday, with many holding demonstrations outside major U.S. airport ...

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Image courtesy of "pymnts.com"

Lyft Says 'Continuous Innovation' Earns Record Ridership (pymnts.com)

Lyft says differentiated offerings on its app helped drive its annual ridership to the highest level in the company's history, more than 40 million riders.

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Image courtesy of "WLS-TV"

Uber, Lyft, Doordash drivers going on 1-day strike at O'Hare Airport (WLS-TV)

Uber, Lyft and Doordash drivers are going on strike at O'Hare Airport Wednesday as part of a nationwide action.

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Image courtesy of "The Washington Post"

Uber, Lyft drivers to strike on Valentine's Day over pay (The Washington Post)

Thousands of Uber, Lyft, and Doordash drivers are expected to strike on Wednesday, in what organizers say will be the largest nationwide work stoppages ...

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Image courtesy of "CBS News"

Philadelphia Uber, Lyft drivers set to strike on Valentine's Day, picket ... (CBS News)

A strike is looking to put the brakes on ride-hailing services in Philadelphia and nine other U.S. cities on Valentine's Day.

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Image courtesy of "Financial Times"

Lyft shares go on wild ride after earnings release error (Financial Times)

Ride-hailing company's stock surges more than 60% before correction to margin growth outlook for 2024.

A 'Clerical Error' in Lyft Outlook Triggered 67% Jump (Correct) (Bloomberg Law)

Uber rival said it had highest annual ridership ever in 2023 · Bookings in fourth quarter rose 17%, beating analyst estimates.

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Image courtesy of "Quartz"

Lyft shares rocket 62% over a typo in the company's earnings release (Quartz)

Lyft shares jumped 62% after the bell Tuesday thanks in part to a typo in the ride-hailing company's earnings release that sent investors' auto-trading ...

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Image courtesy of "Yahoo Finance"

A 'Clerical Error' in Lyft Outlook Triggered 67% Jump (Yahoo Finance)

(Bloomberg) -- It was, without a doubt, a strong earnings report.Most Read from BloombergMusk Says Putin Can't Lose in Ukraine, Opposes Senate BillThe ...

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Image courtesy of "WEAU"

Date night strike: Some Uber, Lyft drivers stop work on Valentine's Day (WEAU)

(AP) - Thousands of ...

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Image courtesy of "CNA"

Lyft rises as cost cuts to drive positive free cash flow in 2024 (CNA)

Lyft shares surged more than 21 per cent on Wednesday before the bell after the ride-hailing company said cost cuts would help it generate positive free ...

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Image courtesy of "Reuters Canada"

Lyft's blunder underscores value of own thinking (Reuters Canada)

Lyft and its shareholders have some lessons to learn from the ridesharing company's gross forecast error. In a press release on Tuesday, the $5 billion ...

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Image courtesy of "The Information"

Lyft Posts Free Cash Flow in Q4 (The Information)

Lyft generated cash in the fourth quarter, even after taking into account capital expenditures, a sign that the no. 2 ride hailing firm is becoming more of ...

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Image courtesy of "IG"

A wild ride in Lyft shares after mis-reporting Q4 (IG)

There was an exaggerated margin growth outlook for 2024 by 10 times. It said adjusted earnings margins would rise by 5 percentage points or 500 basis points ...

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Image courtesy of "CNA"

Uber, Lyft drivers strike across US, demanding fairer pay (CNA)

Drivers for Uber Technologies, Lyft and delivery workers for DoorDash were staging a strike on Wednesday, seeking fair pay and better treatment.

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Image courtesy of "CNA"

Lyft forecast gaffe jolts traders, could invite scrutiny (CNA)

Lyft's forecast error that sent shares into a tizzy overnight may invite regulatory or legal scrutiny, analysts and experts said on Wednesday, ...

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Image courtesy of "The Seattle Times"

Lyft shares rocket 62% over a typo in the company's earnings release (The Seattle Times)

Lyft shares jumped 62% after the bell Tuesday thanks in part to a typo in the ride-hailing company's earnings release that sent investors' auto-trading ...

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Image courtesy of "WLOX"

Date night strike: Some Uber, Lyft drivers stop work on Valentine's Day (WLOX)

(AP) - Thousands of ...

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Image courtesy of "ABC News"

Date night strike: Thousands of US, UK delivery, ride-hailing drivers ... (ABC News)

Thousands of ride-hailing and delivery workers in the U.S. and the U.K. plan to go on strike on Valentine's Day in an effort to win better pay.

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Image courtesy of "CNBC"

Lyft CEO takes blame for 'extra zero that slipped into' earnings release (CNBC)

Lyft CEO David Risher took responsibility for the major error that appeared in the company's earnings release late Tuesday.

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Image courtesy of "The Wall Street Journal"

Lyft Shares Surge as Strong Earnings Report Offsets Typo Confusion (The Wall Street Journal)

Company's earnings release accidentally added an extra zero to a key number; shares hit 52-week high.

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Image courtesy of "USA TODAY"

Uber, Lyft drivers are striking at 10 US airports on Valentine's Day ... (USA TODAY)

A coalition of gig-work drivers organized under Justice for App Workers are striking on Valentine's Day on Wednesday. They have to key demands.

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Image courtesy of "Yahoo Movies"

Why Lyft Stock Is Skyrocketing Today (Yahoo Movies)

While not as shocking as initially thought, Lyft's fourth-quarter report offered plenty for investors to be excited about.

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Image courtesy of "FXStreet"

Lyft Stock News: Hilarious earnings typo sends LYFT to one-year high (FXStreet)

Management said late Tuesday that adjusted EBITDA would expand by 50 not 500 basis points in 2024. Earnings and revenue outpaced consensus for the fourth ...

Lyft shares rise 35% after earnings report typo sparks confusion (CFO Dive)

Dive Brief: Shares of rideshare Lyft rose 35% Wednesday after a flawed and excessively positive earnings report following the close of market trading on Tuesday ...

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Image courtesy of "Bloomberg Law"

Lyft CEO Says 'My Bad' on Margin Error, 'It Was One Zero' (1) (Bloomberg Law)

Lyft Inc. Chief Executive Officer David Risher's response to a clerical error that unintentionally inflated the company's earnings outlook on Tuesday and ...

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Image courtesy of "The Star Online"

Lyft stock up 17% on cost cuts after wild ride (The Star Online)

Lyft beat estimates for quarterly profit and says it will generate positive free cash flow for the first time in 2024, as it cut costs and became more ...

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Image courtesy of "CBS News"

Uber, Lyft drivers at Newark Liberty International Airport join ... (CBS News)

The drivers say they are not getting any love from the ride-share platforms, so they're taking the holiday off in protest.

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Image courtesy of "Vox"

Lyft and Uber drivers' largest strike yet, briefly explained (Vox)

The protests spotlight how gig workers lack basic labor protections.

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Image courtesy of "Financial Times"

Even 50 basis points counts as progress for beleaguered Lyft (Financial Times)

Essential digital access to quality FT journalism on any device. All discounts based on monthly full price over contract term.

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Image courtesy of "Yahoo Finance"

Lyft Typo Took Short Seller on Wild 45-Minute Ride to Tiny Gain (Yahoo Finance)

(Bloomberg) -- The 45 minutes it took for Lyft Inc. to correct a typo in the company's earnings release is time that trader Sinisa Sorgic won't soon forget.

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Image courtesy of "Yahoo Finance"

Lyft CEO addresses major typo in earnings report (Yahoo Finance)

On Feb.13, the ride-share company released its fourth-quarter earnings for 2023, and in the report, it said that Lyft would see its margin expansion, which is ...

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Image courtesy of "Business Today"

'My bad, it was just one zero': Lyft CEO on typo that led to a 60 ... (Business Today)

The typo, which actually appeared in multiple company documents on Tuesday, helped drive a 67% surge in Lyft's shares in after-hours trading.

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