Lyft shares surged 7% on Thursday after the company raised its share buyback program to $750 million, according to CNBC. The ride-share company reported earnings of 1 cent per share on $1.45 billion in revenue, slightly below the $1.47 billion estimate from LSEG. CEO David Risher noted Lyft achieved its 16th consecutive quarter of double-digit gross booking growth, though the stock remains down over 80% since its 2019 debut. Lyft expects mid-teens ride growth in the second quarter and forecasts gross bookings between $4.41 billion and $4.57 billion, compared to a $4.48 billion estimate from FactSet.
