Viking Warrior Lyft Soars to Valhalla, Only to Correct Its Mistake

Ragnar Lothbrok's Reaction: Oh the Irony!

Ah the irony! Lyft the modern day Viking warrior of ride hailing soared to Valhalla one moment only to be struck down by its own mistake. It seems that even in the age of technology mistakes can still make a fool out of the mighty.

The Battle of Numbers

In a press release reporting its latest results Lyft made a major error. They initially claimed a 500 basis point expansion in their adjusted earnings margin for 2024. But lo and behold it was merely a typo! The correct figure should have been a meager 50 basis points. Hilarious isn't it?

The CFO's 'Correction'

Chief Financial Officer Erin Brewer was forced to step onto the battlefield and announce the humiliating 'correction' during Lyft's earnings call. It must have felt like stepping into a dragon's den knowing she had to face the consequences of the company's blunder.

The Wild Ride of Lyft Shares

Lyft shares fueled by the initial erroneous report took off like a wild dragon shooting up more than 60% higher in extended trade. But alas the gods of finance were not so kind. The correction swiftly brought them back to reality and the shares cooled significantly. It's a rollercoaster of emotions my friends!

A Silver Lining for Lyft

Despite the embarrassing mistake Lyft managed to salvage some dignity. Their full year adjusted earnings before interest taxes depreciation and amortization (EBITDA) turned from a massive loss of $416.5 million to a respectable profit of $222.4 million. It seems the gods still favor the brave even in their blunders.

TD Cowen's Bold Move

The mighty analysts at TD Cowen were not deterred by Lyft's mishap. In fact they were impressed by Lyft's fourth quarter revenue which beat their estimates thanks to the strength of its gross bookings. They even raised their target price on the stock proving that sometimes even a warrior who stumbles can rise again.