Ride-hailing firm Lyft Inc. on Thursday forecast an adjusted operating profit of $1 billion for 2024 after reporting record earnings for the second quarter, betting on strength in the rideshare market as it rebounds from pandemic lows.
Lyft’s shares jumped more than 8 percent in extended trading, as the company also reported profit above Wall Street estimates on the back of soaring demand for rides and its cost-cutting efforts.
Earlier this week, bigger rival Uber Inc. reported upbeat quarterly results and turned cash flow positive for the first time, signaling demand for rideshare even as high inflation forces several consumers to cut back on spending….