Lyft's stock experienced a significant surge following a report of record riders and gross bookings. The company's financial success was attributed to several factors, including cost-cutting measures, increased demand for rides to stadiums spurred by tours from Taylor Swift and Beyoncé, and layoffs. Additionally, Lyft's shares saw an uptick of 16% in premarket trade, even after an error in their forecast was revealed. The demand for rides to stadiums notably grew more than 35% from the previous year, largely due to the popularity of Taylor Swift's Eras Tour and Beyoncé's Renaissance World Tour, among other events. Notably, Lyft beat estimates for quarterly profit.
Lyft shares up 16% in premarket trade, retaining some gains after forecast error https://t.co/nuDXGqN9Te
Lyft revealed forecast-beating earnings as the ride-hailing app saw demand for rides to stadiums grow more than 35% last year from 2022, mainly driven by Taylor Swift's Eras Tour, Beyoncé's Renaissance World Tour and other sporting events https://t.co/oRfipZBZkB https://t.co/DzFYHYoUkS
WATCH: Lyft beat estimates for quarterly profit as it cut costs and saw demand for rides to stadiums soar thanks to tours by Taylor Swift and Beyonce https://t.co/fjB2ddxajO https://t.co/XgPMN90Ked
Lyft beat estimates for quarterly profit as it cut costs and saw demand for rides to stadiums soar thanks to tours by Taylor Swift and Beyonce https://t.co/oRfipZCxa9 https://t.co/f4VOmbYNdC
Lyft stock soars thanks to Taylor Swift, Beyoncé and layoffs https://t.co/K5JVgFEZoZ
Lyft Jumps on Record Riders, Gross Bookings https://t.co/tIopU1WCzH