Feb 15, 2024 - Business

📈 1 typo to-go

Lyft's stock rose by 62% on Tuesday evening due to a typo in its earnings release.

Details: In the release, Lyft estimated a profit margin would expand by 500 basis points, or 5 percentage points, when in reality it was expected to grow by 50 basis points.

  • Lyft CFO Erin Brewer corrected the "clerical error" during a subsequent earnings call.

The intrigue: Market watchers can't remember the last time a typo triggered such a big stock reaction, per the Wall Street Journal.

What they're saying: Lyft CEO David Risher took responsibility for the error and quickly pivoted during an interview with CNBC on Wednesday.

  • "Look, it was a bad error, and that's on me. But I don't wan't it to take an ounce of attention away from everyone at Lyft who busted their butts to deliver the best financial quarter in the company's history," said Risher.

What the watch: The continued PR cleanup.

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