Darth Vader Reveals Lyft's Major Error: The Force is Strong with This Correction

The Phantom Error

In a galaxy not so far away Lyft made a major boo boo in their press release causing their shares to go on a wild roller coaster ride. This is the kind of mistake even Jar Jar Binks wouldn't make.

From 500 to 0.5 at Lightspeed

The initial report stated that Lyft was expecting a 500 basis point expansion of their adjusted earnings margin for 2024. Impressive right? Well turns out they were missing a few zeros. The correct figure was actually 50 basis points. Oops! Looks like someone needs a lesson in basic math from Count Dooku.

CFO Erin Brewer Strikes Back

During Lyft's earnings call Chief Financial Officer Erin Brewer had to deliver the news of the embarrassing correction. She must have felt like she was in a Sarlacc pit trying to escape the jaws of public humiliation. But hey at least they didn't accidentally summon an army of Battle Droids right?

Stock Soared then Went Dark Side

As the news broke Lyft stock skyrocketed more than 60% in extended trade. It was like witnessing the Death Star explode with profits. But alas the correction came and brought the stock crashing back down to Tatooine. Guess it's time to build a new Death Star for their share price.

The Force is Strong with Lyft's Earnings

Despite the embarrassing mishap Lyft still managed to outperform analyst estimates with their full year adjusted earnings before interest taxes depreciation and amortization (EBITDA). They went from a hefty loss to a solid profit of $222.4 million. Looks like they borrowed some Sith Lord magic to turn their financials around.

TD Cowen Raises Their Lightsaber...I Mean Target Price

The analysts at TD Cowen were impressed by Lyft's performance especially their fourth quarter revenue which beat estimates. They even raised their target price on the stock because let's face it who wouldn't want to invest in a company that can make a press release blunder this epic?