Lyft (LYFT) Stock Soars: Surpassing Sales Predictions and Forecasting Robust Demand

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Lyft stock saw a surge in trading following its better-than-expected Q1 earnings and sales report.
The ride-hail company also provided an optimistic forecast for demand in the current quarter.
The company’s gross bookings for the first quarter were $3.7 billion, a 21% increase year-over-year.

Lyft’s stock rises following a positive Q1 report, with gross bookings surpassing analyst expectations and a promising forecast for the current quarter.

Lyft’s Q1 Earnings Exceed Expectations

Lyft reported an adjusted earning of 15 cents per share on sales of $1.28 billion for the quarter ending in March. Analysts had projected earnings of 6 cents per share on sales of $1.16 billion. In comparison, Lyft posted adjusted earnings of 8 cents per share on sales of $1 billion for the same period a year earlier.