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A typo in Lyft’s earnings release sends stock soaring – briefly

A typo in Lyft’s earnings release sends stock soaring – briefly

CNN
Wednesday, February 14, 2024 12:38 AM GMT

A typo in Lyft’s fourth-quarter earnings report caused the rideshare company’s stock to surge and then dramatically reverse course on Tuesday.

A typo in Lyft’s fourth-quarter earnings report caused the rideshare company’s stock to surge and then dramatically reverse course on Tuesday. In an earnings statement released after the bell, Lyft estimated its gross margin would expand by 500 basis points, or 5 percentage points. That sent the company’s stock shooting higher. However, Lyft appeared to include an errant zero in its numbers: The company’s actual estimate is much lower, at 50 basis points or a half a percentage point. On Lyft’s earnings call, held shortly after the release, the company’s chief financial officer, Erin Brewer, provided the correct estimate. “This is actually a correction for the press release,” Brewer said. Lyft’s stock surged to $19.70 at its post-earnings release high, after trading around $12 per share during the day, representing a gain of 62% from its close.

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