What recession fears? Lyft's CEO doesn't see 'anything to worry about'
Amid a rash of disappointing earnings and pulled guidances — and broader sense of economic uncertainty — Lyft's (LYFT) CEO says he doesn't see 'anything to worry about' for his company.
'Our team is stronger than it's ever been, and the consumer demand is absolutely there,' CEO David Risher said during an interview with CNBC's (CMCSA) Squawk Box on Friday.
That came soon after Lyft reported strong earnings for the first quarter. The ride-hailing company grew gross bookings by 13% year-over-year to $4.16 billion, its 16th straight period of gross-bookings growth. Its revenue for the quarter was $1.45 billion, up 14% compared to a year ago.
Total rides for the quarter climbed by 16% to 218.4 million, beating FactSet's (FDS) estimate of 215.1 million. Lyft also revealed that its board authorized boosting the company's share repurchase plan to $750 million from $500 million.
Lyft's shares climbed about 23% Friday morning.
The news is a rare bright spot for the U.S. travel industry. Uber's (UBER) stock declined earlier this week after the company reported mixed first-quarter results.
Expedia (EXPE) posted worse-than-expected first-quarter earnings on Friday and lowered its full-year outlook, citing weak U.S. demand. Shares fell by 8% on Friday morning.
Airbnb (ABNB) issued a disappointing second-quarter revenue forecast last week, citing 'broader economic uncertainties' for potential travelers and noting that fewer Canadians were traveling to the U.S.
Meanwhile, a number of airlines — including Delta (DAL), American, and Southwest (LUV) — have pulled their yearly forecasts amid economic volatility, tariff uncertainty, and warnings from air traffic controllers. 'There's no way to predict exactly where demand is going,' American Airlines (AAL) CEO Robert Isom said when the company reported its first-quarter earnings in late April.
For the latest news, Facebook, Twitter and Instagram.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
Media Advisory - CRTC to hold a Public Hearing on making it easier for consumers to shop for Internet services
GATINEAU, QC, June 9, 2025 /CNW/ - The Canadian Radio-television and Telecommunications Commission (CRTC) will hold a public hearing, beginning on June 10, 2025, at the Conference Centre, Phase IV, 140 Promenade du Portage, Gatineau, Quebec. This hearing will examine submissions and public views on how to make shopping for home Internet services easier for Canadians. It is part of the CRTC's broader effort to help Canadians make informed choices. If you are interested in following the hearing and obtaining documents during the hearing, follow us @CRTCHearings and Location: Phase IV, 140 Promenade du Portage, Gatineau, Quebec Dates: June 10-13, 2025 Time: Starting at 9:00 a.m. EDT Note: Government issued photo ID is required to access the Centre. Reference Documents: Telecom Notice of Consultation CRTC 2024-318 Agenda SOURCE Canadian Radio-television and Telecommunications Commission (CRTC) View original content:
Yahoo
28 minutes ago
- Yahoo
Markets surge as US–China trade talks heat up
Markets surge as US–China trade talks heat up originally appeared on TheStreet. On June 9, crypto markets turned green in response to high-level trade talks between the United States and China in London. The negotiations, led on the American side by Scott Bessent, Secretary of the U.S. Treasury Department, and on the Chinese side by He Lifeng, a vice premier of the Chinese government, aim to bolster the trade truce and prevent a return to the brink of new tariffs. Bitcoin price rose 1.83% over the past 24 hours, to $107,481.63, driven by a general risk-on mood. Ethereum rose 1.23% to $2,537.60, and XRP was the top performer among the major altcoins, increasing 2% to $0.26. Interestingly, the biggest gainer has been Solana, which rose 4.58% in the last 24 hours, driven by renewed positive sentiment, according to Kraken. This, in turn, implies that the crypto sector could gain from a truce in trade tensions. Amid the trade tension talks, Kevin Hassett, the director of the National Economic Council, stated in a CNBC interview that the US will release export controls if trade talks with China progress well. According to CNBC, analysts believe the Monday talks will not make significant progress in resolving the disagreement. Rebecca Harding, chief executive of the Centre for Economic Security, said to the media outlet, 'There's absolutely no other way of describing all of this, and this is about how data flows. It's about information. It's about AI. It's about tech. It's about defense too. China's rapidly expanding its munitions production at the moment. So it's about how these two economies actually compete and survive in a digital world where nobody really knows what the power of the nation state is" Now, many crypto analysts believe Bitcoin can go as high as $130,000 by June. For instance, PlanB, a renowned analyst with over two million followers on X, said today, 'Would be nice if BTC retests RSI 75 again this month. RSI 75 = ~$130k (June closing price)." At press time, BTC's RSI for four hours stands at 67.83, inching closer to 70. Notably, Bitcoin's 30-day RSI stands at 70. The RSI, or relative strength index, is a technical indicator used in trading and investing to assess the strength or weakness of a stock or cryptocurrency based on its recent price movements. Higher the RSI, stronger the demand for the asset. Markets surge as US–China trade talks heat up first appeared on TheStreet on Jun 9, 2025 This story was originally reported by TheStreet on Jun 9, 2025, where it first appeared. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
32 minutes ago
- Yahoo
US and Chinese officials meet in the UK for trade talks
Top US and Chinese officials are meeting in London to try to defuse a high-stakes trade dispute that has widened beyond tit-for-tat tariffs to restrictions over rare earths, threatening to cripple supply chains and slow global growth. Officials from the two superpowers were meeting at the ornate Lancaster House to try to get back on track with a preliminary agreement struck last month in Geneva that had briefly lowered the temperature between the United States and China. Since then the US has accused China of slow-walking on its commitments, particularly around rare earths shipments. US economic adviser Kevin Hassett said on Monday that the US team wanted a handshake from China on rare earths after Presidents Donald Trump and Xi Jinping spoke last week. "The purpose of the meeting today is to make sure that they're serious, but to literally get handshakes," Hassett, director of the National Economic Council, told CNBC in an interview. He said the expectation was that immediately after the handshake, export controls would be eased and rare earths released in volume. The talks, which could run into Tuesday, come at a crucial time for both economies, with investors looking for relief from Trump's cascade of tariff orders since his return to the White House in January. China's export growth slowed to a three-month low in May while its factory-gate deflation deepened to its worst level in two years. In the US, the trade war has put a huge dent in business and household confidence, and first-quarter gross domestic product contracted due to a record surge in imports as people front-loaded purchases to beat anticipated price increases. But for now, the effect on inflation has been muted, and the jobs market has remained fairly resilient, although economists expect cracks to become more apparent over the northern hemisphere summer. Attending the talks in London will be US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer, and a Chinese contingent helmed by Vice Premier He Lifeng. The inclusion of Lutnick, whose agency oversees export controls for the US, is one indication of how central rare earths have become. China holds a near-monopoly on rare earth magnets, a crucial component in electric vehicle motors. Lutnick did not attend the Geneva talks at which the countries struck a 90-day deal to roll back some of the triple-digit tariffs they had placed on each other. The second round of meetings comes four days after Trump and Xi spoke by phone, their first direct interaction since Trump's January 20 inauguration. During the more than one-hour-long call, Xi told Trump to back down from trade measures that roiled the global economy and warned him against threatening steps on Taiwan, according to a Chinese government summary. But Trump said on social media the talks focused primarily on trade led to "a very positive conclusion," setting the stage for Monday's meeting in London. The next day, Trump said Xi had agreed to resume shipments to the US of rare earths minerals and magnets and Reuters reported on Friday that China has granted temporary export licences to rare-earth suppliers of the top three US car makers. China's decision in April to suspend exports of a wide range of critical minerals and magnets upended the supply chains central to car makers, aerospace manufacturers, semiconductor companies and military contractors around the world. White House spokeswoman Karoline Leavitt told Fox News on Sunday that the US wanted the two sides to build on the progress made in Geneva in the hope they could move towards more comprehensive trade talks. While the UK government will provide a venue for Monday's discussions, it will not be party to them and will have separate talks later in the week with the Chinese delegation. The US dollar slipped against all major currencies on Monday as investors waited for news, while oil prices were little changed.
