Overview

• Lyft reported Q1 gross bookings of $4.16 billion, a 13% year-over-year increase, slightly surpassing analyst estimates.
• The company achieved 218.4 million rides in the quarter, up 16% from the prior year and exceeding forecasts.
• Lyft returned to profitability with $2.57 million in net income, compared to a $31.54 million loss a year ago.
• The board expanded its share buyback program to $750 million, with $500 million earmarked for the next 12 months, including $200 million in the next three months.
• CEO David Risher expressed confidence in sustained consumer demand, while Goldman Sachs upgraded the stock to 'Buy' following the strong results.