Lyft CEO says no signs of worry with the consumer

Lyft Shares climbed 28% on Friday after the ride distribution company had increased its share purchasing plan and posted better than expected gross bookings.

De Stock has fooled its best day since February 2024.

During an interview with CNBC’s “Squawk Box” CEO David Rish said that Lyft does not see anything to worry about “widespread concerns about a slowing consumer in the midst of constant economic uncertainty.

“Our team is stronger than it has ever been, and the consumer question is absolutely there,” he said.

The gross bookings grew by 13% from a year ago to $ 4.16 billion, and somewhat hit $ 4.15 billion Estreet account. The company said that the quarter was the 16th consecutive period of gross booking growth.

Rides rose by 16% to 218.4 million, with an estimate of 215.1 million.

Lyft’s Reves grew by 14% during the first quarter of a year ago to $ 1.45 billion, but fell short of $ 1.47 billion estimate from LSEG. The company reported Netto inome of $ 2.57 million, or 1 cent per share. That is a net loss of $ 31.54 million, or 8 cents per share, until years ago.

The board also authorized the stimulation of the Lyft share purchasing plan to $ 750 million from $ 500 million. The company said it wants to use $ 500 million the following year.

Activist Investor Capital said on Friday that it would stop his campaign at LYFT and include his nominations from the company’s board of directors, referring to the stock buying news.

“After a series of productive conversations, the board took an important first step by committing itself to significant purchasing of shares in the coming quarters,” founder and portfolio manager Arnaud Ajdler in a release.

Shares of the competitor of ride exchange Uber fell earlier this week after mixed results of the first quarter.

Goldman Sachs has upgraded shares to a purchase from a neutral rating after the report, with reference to journeys and booking growth and “strong version in a stable industry background.”