Lyft shares suffer biggest fall in more than a year despite 1st quarterly profit

Lyft shares tumbled to their biggest loss in more than a year on Wednesday after the ride-hailing app reported gross bookings that spooked investors.

Shares of Lyft were down close to 13% in midday trading to $9.54 per share, even as the San Francisco company turned in its first quarterly profit, earning $5 million. Lyft reported gross bookings for the second quarter at the low end of its forecast range of $4 billion to $4.1 billion. It's projecting the same range for the third quarter, which came in below Wall Street analysts' forecasts of $4.15 billion.

Lyft defines gross bookings as the total dollar value of transactions invoiced to rideshare riders including taxes, tolls and fees but excluding tips. It also includes amounts billed for other offerings, including bike and scooter rentals.Lyft's results came just a day after a strong earnings report from its chief rival, Uber, sent that company's shares up more than 10%.On the bright side, Lyft posted an adjusted profit of 24 cents per share on $1.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

KPIXtv /  🏆 443. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ENHYPEN’s “ROMANCE : UNTOLD” Becomes Their 1st Album To Surpass 2 Million Sales In 1st WeekENHYPEN’s new album is officially a “double-million seller”! On July 12 at 1 p.m. KST, ENHYPEN made their comeback with their second full-length album “ROMANCE : UNTOLD.” On its first day of sales alone, the album sold over 1.88 million copies, breaking ENHYPEN’s previous first-week sales record of 1.
Read more »

Jenna Ortega Clarifies Why She Initially Rejected Wednesday RoleJenna Ortega as Wednesday Addams in Wednesday season 1
Read more »

“I Know That I’m Not In Charge”: Jenna Ortega Addresses Backlash After Criticizing Wednesday Season 1’s WritingJenna Ortega as Wednesday Addams in Wednesday season 1
Read more »

Wednesday Season 2's Horror Aspects Get New Tease From Jenna OrtegaJenna Ortega as Wednesday Addams in Wednesday season 1
Read more »

Netflix’s Geeked Week Teaser Brings Good News to Fans of ‘Arcane’, ‘One Piece’, and ‘Wednesday'Wednesday (Jenna Ortega) and Enid (Emma Myers) in Wednesday
Read more »

10 Best Live-Action Dark Fantasy ShowsWednesday Addams from Wednesday and Klaus Mikaelson from The Originals
Read more »