Was Lyft Stock’s Crazy After-Hours Rally Due to an Earnings Mistake?

When Lyft Inc. released its earnings Tuesday afternoon, the ride-hailing platform was forecasting a gain this year in an adjusted profit metric. But during the company’s earnings presentation later in the day, management issued a correction, saying that the increase was, in fact, lower than it first stated.

The shares, in the process, surged in value after a few hours – rocketing up 60% at one point – then quickly contracted before settling at still-solid gains of around 16%.


Master your money.

Sign up for MarketWatch.

Get this article and everything MarketWatch.

Access from any device. Everywhere. At any time.

subscribe now

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *