Lyft stocks pop 20% after buyback; CEO says there aren’t any indicators of fear within the shopper

Lyft stocks climbed 20% Friday after the ride-sharing corporate upped its percentage buyback plan and posted better-than-expected gross bookings.

During an interview with CNBC’s “Squawk Box,” CEO David Risher mentioned that Lyft is not seeing “anything to worry about” regardless of well-liked considerations of a slowing shopper amid ongoing financial uncertainty.

“Our team is stronger than it’s ever been, and the consumer demand is absolutely there,” he mentioned.

Gross bookings grew 13% from a 12 months in the past to $4.16 billion, moderately beating a $4.15 billion estimate from StreetAccount. The corporate mentioned the quarter was once its 16th immediately length of gross bookings expansion.

Rides higher 16% to 218.4 million, topping a FactSet estimate of 215.1 million.

Lyft’s revenues grew 14% all over the first quarter from a 12 months in the past to $1.45 billion, however fell wanting a $1.47 billion estimate from LSEG. The corporate reported internet source of revenue of $2.57 million, or 1 cent in step with percentage. That’s up from a internet lack of $31.54 million, or 8 cents in step with percentage, a 12 months in the past.

The board additionally licensed boosting Lyft’s percentage repurchase plan to $750 million. The corporate mentioned it goals to make use of $500 million over the following 12 months.