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Ride-hailing platform Lyft on Tuesday announced a new $1 billion stock-buyback program, spurred by management’s confidence in the business, but mixed results and forecasts sent the stock 17% lower in after-hours trading.
Lyft
LYFT said it expects first-quarter gross bookings — or the total dollar value of the transactions made on the platform, excluding tips for drivers — of $4.86 billion to $5 billion. The midpoint of that range is $4.93 billion, compared with FactSet forecasts for $4.928 billion.
