Lyft's stock experienced a significant rally, marked by record riders and gross bookings, following the announcement of an earnings beat and optimistic guidance. Shares soared by 50% on the news, with the company attributing its success to cost-cutting measures, a more than 35% increase in demand for rides to stadiums over the past year, and a forecast error that initially jolted traders but retained some gains with shares up 16% in premarket trade. This increase was partly driven by high-profile events such as Taylor Swift's Eras Tour, Beyoncé's Renaissance World Tour, and other sporting events. Despite a 'gargantuan earnings error' that could invite scrutiny, Lyft's performance contributed to its best day ever, alongside Uber hitting a record high in an $18 billion ride-hailer coup.
WATCH: Lyft is feeling the Taylor Swift effect as the ride-hailing app saw demand for rides to stadiums soar 35% over the past year, driven in part by the pop megastar’s latest tour https://t.co/fjB2ddxajO https://t.co/rCCA5eoQcd
Lyft is feeling the Taylor Swift effect as the ride-hailing app saw demand for rides to stadiums soar 35% over the past year, driven in part by the pop megastar’s latest tour https://t.co/oRfipZCxa9 https://t.co/TTWsRAlpvO
Uber Stock Hits Record High, Lyft Has Best Day Ever In $18 Billion Ride Hailer Coup https://t.co/4LcImO9VWo https://t.co/bNNlUJaVkQ
$LYFT forecast gaffe jolts traders, could invite scrutiny https://t.co/YdvxHumsMK
Lyft forecast gaffe jolts traders, could invite scrutiny https://t.co/Kg3yUigo9K https://t.co/UFA4OaNy8F
Forget Lyft’s Earnings Typo. How Taylor Swift Helped the Ride-Hailing Stock Pop. https://t.co/ug0auI3MhR
WATCH: 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/fjB2ddwCug https://t.co/pRq13zJGNJ
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’s gargantuan earnings error proves Wall Street should cut the jargon https://t.co/bnWIYOqi5Q
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
Lyft Shares Soar 50% On Earnings Beat, Guidance - CNBC https://t.co/w5JdhxNePP
Lyft’s stock rallies on forecast as it looks to ‘double down' on this segment https://t.co/VJrVq1eHSA