A typo in Lyft’s earnings release for the fourth quarter of 2023 caused shares to reach a 52-week high on Wednesday.
The ride-hailing company announced on Tuesday that one of its profit margins was expected to increase by 500 points on Tuesday, but it was actually only expected to increase by 50 points. The mistake was the result of a “clerical error,” according to Lyft.
The typo caused the company’s stock to soar by more than 60% overnight, but the surge decreased after the mistake was corrected. Lyft’s numbers remain elevated, just not to the same degree.
The company revealed that it had beat estimates for the final quarter, and said it would generate positive free cash flow for the first time in 2024.
“Lyft’s outstanding Q4 performance demonstrates our team’s incredible work to build a solid foundation for profitable
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