Lyft Shares Plummet Despite First Quarterly Profit as Guidance Falls Short

Lyft's stock dropped significantly following a weak forecast, overshadowing its initial net profit achievement and record ridership.

Lyft's shares fell by as much as 17% after the company forecasted lower-than-expected gross bookings for the upcoming quarter.
Despite reporting a net profit of $5 million and record ridership numbers, Lyft's guidance did not meet analysts' expectations.
The company's gross bookings for the second quarter were at the low end of its forecast, causing investor concern.
Uber's strong performance and optimistic future plans, including autonomous vehicle initiatives, added pressure on Lyft.
CEO David Risher announced a new subscription-based feature, Price Lock, to attract commuters with capped fares.