Lyft Stock Surges 20% Following Buyback; CEO Reports No Signs of Consumer Concern

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Lyft CEO David Risher poses for a portrait in New York City, U.S., April 16, 2025. Kylie Cooper | Reuters

Lyft shares climbed 20% on Friday after the ride-sharing company increased its share buyback plan and reported better-than-expected gross bookings. During an interview with CNBC’s “Squawk Box,” CEO David Risher stated that Lyft isn’t facing “anything to worry about” despite widespread concerns regarding a slowing consumer amidst ongoing economic uncertainty. “Our team is stronger than it’s ever been, and the consumer demand is absolutely there,” he noted.

Gross bookings grew 13% year-over-year to $4.16 billion, slightly surpassing a $4.15 billion estimate from StreetAccount. This marked the company’s 16th consecutive quarter of gross bookings growth. Rides increased 16% to 218.4 million, exceeding a FactSet estimate of 215.1 million.

Lyft’s revenues rose 14% during the first quarter year-over-year to $1.45 billion, but fell short of a $1.47 billion estimate from LSEG. The company reported a net income of $2.57 million, or 1 cent per share, up from a net loss of $31.54 million, or 8 cents per share, a year earlier.

The board also approved an increase in Lyft’s share repurchase plan to $750 million from $500 million, intending to utilize $500 million over the next year.

Activist investor Engine Capital announced it would pause its campaign at Lyft and withdraw its nominations to the company’s board of directors, following the news of the share buyback. “Following a series of productive conversations, the Board has taken an important first step by committing to significant share repurchases in the coming quarters,” said founder and portfolio manager Arnaud Ajdler in a release.

Shares of ride-sharing competitor Uber declined earlier this week after reporting mixed first-quarter results.

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