Lyft’s shares surged 20% on Friday following the company’s announcement of an increased share buyback plan and better-than-expected gross bookings. During an interview with CNBC’s “Squawk Box,” CEO David Risher stated that Lyft is not observing any concerning signs regarding consumer behavior, despite broader economic uncertainties. Gross bookings rose 13% year-over-year to $4.16 billion, surpassing the $4.15 billion estimate. Rides increased by 16% to 218.4 million, exceeding expectations. Revenues grew 14% in the first quarter to $1.45 billion, though slightly below forecasts. The company reported a net income of $2.57 million, contrasting with a net loss of $31.54 million the previous year. Lyft’s board authorized an increase in its share repurchase plan from $500 million to $750 million, with plans to utilize $500 million within the next year. Activist investor Engine Capital announced it would cease its campaign at Lyft due to the buyback news.
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