Why Lyft Stock Was Flying Higher Today

Shares of Lyft (NASDAQ: LYFT) were surging today after the ride-hailing company posted better-than-expected results in the first quarter, showing significant improvement on the bottom line, and as management reassured investors that the company should be able to manage through the pandemic. Despite a sharp decline in rides starting in mid-March, Lyft's revenue rose 23% to $955.7 million, easily beating estimates at $897.9 million. More impressive was Lyft's strong improvement further down the income statement as its adjusted EBITDA loss narrowed from $216 million to $85.2 million, which was better than the company's own guidance before the pandemic for a loss of $140 million to $145 million.