Lyft Stock Jumps 34% Despite Earnings Report Error 🚗

Lyft shares soared over 34% after the company acknowledged a significant error in its earnings report press release but still exceeded analyst expectations. The company initially claimed a 5% increase in adjusted earnings margin for 2024, but later corrected this to 0.5%. Lyft turned its financial situation around, going from a $416.5 million adjusted EBITDA loss to a $222.4 million profit. TD Cowen analysts raised their stock target price, citing Lyft's fourth-quarter revenue exceeding expectations and optimistic EBITDA guidance.