Why Lyft Shares Are Rising

LYFT Inc LYFT shares are trading higher by 3.02% to $10.91 during Tuesday's pre-market session. The stock is trading higher in sympathy with Uber Technologies Inc, which reported strong first-quarter results.

What Happened With Uber?

Uber Technologies reported quarterly losses of 8 cents per share which beat the analyst consensus estimate of a loss of 9 cents.

The company also reported quarterly sales of $8.82 billion which beat the analyst consensus estimate of $8.72 billion by 1.2%. This sales figure is a 28.7% increase over sales of $6.85 billion in the same period last year.

"We significantly accelerated Q1 trip growth to 24% from 19% last quarter, with Mobility trip growth of 32%, as a result of improved earner and consumer engagement," said Dara Khosrowshahi, CEO...Read More

See Also: Alibaba Likely To Struggle With Cloud Growth, Analysts Say

According to data from Benzinga Pro, LYFT has a 52-week high of $32.52 and a 52-week low of $8.19.