From Nasdaq: 2024-06-07 14:05:00

Lyft’s stock, LYFT, saw a 1.03% increase on June 6, 2024, closing at $15.69 per share, attributing the rise to the company’s positive 2027 targets. Lyft anticipates steady growth in gross bookings, adjusted EBITDA margin, and free cash flow conversion between 2024 and 2027.

Management at Lyft highlighted their customer-focused approach, emphasizing industry-leading innovation and partnerships during their investor day conference. CFO Erin Brewer noted the company’s transformation towards profitability and outlined financial targets reflecting top-line growth and margin expansion for 2027.

Lyft has reaffirmed its guidance for Q2 2024 and full-year 2024, forecasting continued growth in rides and adjusted EBITDA margin, with a strong focus on free cash flow conversion. The company expects gross bookings of $4.0-$4.1 billion in Q2, with year-over-year growth of 16-19%.

In comparison, Uber Technologies, UBER, reported a wider loss per share in Q1 2024, while Alphabet, GOOGL, exceeded earnings expectations with significant revenue growth. Lyft, LYFT, surpassed revenue estimates, demonstrating strong financial performance amidst industry dynamics.

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Read more at Nasdaq: LYFT Stock Moves Higher on Encouraging Targets for 2027