Lyft's Earnings Typo

Plus, Robinhood’s surprise profit.

Today is Wednesday, February 14, 2024.

The Early Bird Index today is 67.44.

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Lyft's Earnings Typo

Lyft (Nasdaq: LYFT) posted good financial results on Tuesday and, after a crazy incident with earnings, the stock jumped 15.83% in after-hours trading.

Financials: Lyft reported revenue of $1.22 billion in the past quarter, which was better than expected.

Details: The company expects that it will (finally) generate positive free cash flow for the first time in 2024.

Power the Story: At one point during after-hours trading on Tuesday, shares of Lyft surged more than 60% due to a typo in the earnings report. The adjusted EBITDA margin expansion was originally listed as 500 basis points. Lyft later corrected this typo, which was meant to be just 50 basis points. That extra zero makes a big difference.

Final Thoughts: Lyft, up 12% in the last 12 months, is finally seeing sustained growth. The company also has a strong outlook for 2024.

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Notable Earnings Today: Cisco Systems (Nasdaq: CSCO), Albemarle (NYSE: ALB), Paramount Group (NYSE: PGRE), Twilio (NYSE: TWLO), TripAdvisor (Nasdaq: TRIP), Wyndham Hotels & Resorts (NYSE: WH), Kraft Heinz (Nasdaq: KHC), Occidental Petroleum (NYSE: OXY), AppLovin (Nasdaq: APP), Fastly (NYSE: FSLY), Williams Cos (NYSE: WMB), HubSpot (NYSE: HUBS), Sunoco (NYSE: SUN), Upwork (Nasdaq: UPWK), CME Group (Nasdaq: CME), QuantumScape (NYSE: QS), Herbalife Nutrition (NYSE: HLF), CF Industries (NYSE: CF), Parsons (NYSE: PSN), Martin Marietta Materials (NYSE: MLM),  Energy Transfer (NYSE: ET), Generac Holdings (NYSE: GNRC), Altice USA (NYSE: ATUS), American Water Works (NYSE: AWK), Antero Midstream (NYSE: AM), Antero Resources (NYSE: AR), Arch Capital (Nasdaq: ACGL), Avient (NYSE: AVNT), Barrick Gold (NYSE: GOLD), Blackstone Mortgage Trust (NYSE: XMT), Ceva (Nasdaq: CEVA), Charles River (NYSE: CRL), Chefs' Warehouse (Nasdaq: CHEF), CNH Industrial (NYSE: CNHI), Conduent (Nasdaq: CDNT), Equinix (Nasdaq: EQIX), Four Corners Property Trust (NYSE: FCPT), Global Payments (NYSE: GPN), Hecla Mining (NYSE: HL), Informatica (NYSE: INFA), IQVIA (NYSE: IQV), JFrog (Nasdaq: FROG), Kinross Gold (NYSE: KGC), Kornit Digital (Nasdaq: KRNT), Lithia Motors (NYSE: LAD), Louisiana-Pacific (NYSE: LPX), Manitowoc (NYSE: MTW), Manulife Financial (NYSE: MFC), NerdWallet (Nasdaq: NRDS), Nu Skin (NYSE: NUS), Owens Corning (NYSE: OC), Royal Gold (Nasdaq: RGLD), Ryder System (NYSE: R), SAGE Therapeutics (Nasdaq: SAGE), Taylor Morrison Home (NYSE: TMHC), Tower Semiconductor (Nasdaq: TSEM), Veeco Instruments (Nasaq: VECO).

Notable IPOs Today: N/A.

Notable Equity Crowdfunding Campaigns Ending Today: Simple Kneads (Republic), Aaidebook (StartEngine), Jauntboards (Wefunder), SWITCH (StartEngine).

Notable Economic Events Today: Crude Oil Inventories (10:30 a.m. ET).

Robinhood’s Surprise Profit

With the help of strong financial results, Robinhood Markets (Nasdaq: HOOD) jumped 10.56% in after-hours trading on Tuesday.

Financials: Robinhood reported earnings of 3 cents per share in the past quarter and revenue of $471 million; both were better than expected.

Details: It was a great quarter for Robinhood. Total net revenues increased 24% year-over-year due to higher net interest revenues, which also jumped 41%. Operating expenses dropped 17%.

Final Thoughts: Although monthly active users dropped by 4%, Robinhood still earned a surprise profit. The stock is up 17% in the last 12 months.

Upstart’s Weak Outlook

Despite posting better-than-expected financial earnings results, the lending platform Upstart Holdings (Nasdaq: UPST) fell by 17.98% in after-hours trading on Tuesday due to a weaker future guidance.

Final Thoughts: It’s a tough market for lending companies. Upstart is down 15% in 2024.

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