Lyft's stock experienced a significant increase of over 20%, reaching a market capitalization of $6.4 billion. This surge followed the company's reporting of a surprise profit in its Q1 earnings, alongside a strong Q2 forecast and a new share buyback program aimed at returning value to shareholders. Despite most Wall Street analysts maintaining a "hold" rating, the positive financial results and increased ridership - a 16% year-over-year growth - have shifted sentiment towards a more bullish outlook for Lyft's performance going forward.
Lyft's stock soared by over 20% today after reporting a surprise profit and an optimistic Q2 outlook, boosting market sentiment amid a generally flat stock market.
The company's Q1 earnings showed a surprising profit of $2.6 million, alongside improved ridership figures that exceeded analyst expectations, signaling a rebound in business.
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