Lyft stock soars thanks to Taylor Swift, Beyoncé and layoffs

Lyft beat estimates for fourth-quarter profit on Tuesday and said it would generate positive free cash flow for the first time in 2024, as the ride-share platform reaps the benefits of heavy cost cuts. Company shares surged nearly 60% in extended trading but erased a third of those gains after the CFO corrected a major mistake in the earnings report. Erin Brewer had said that the company would grow by 500 basis points (5%) in 2024, but later said that the real increase would be a factor of 10 lower – 50 basis points (0.5%). In 2023, the stock gained about 36%. Rides to stadiums grew more than 35% last year from 2022, mainly driven by Taylor Swift's Eras Tour, Beyoncé's Renaissance World Tour and sporting events, Lyft said.