Lyft's Earnings Typo Sends Shares Soaring
TL;DR
A trader at Bright Trading, Sinisa Sorgic, experienced a wild 45-minute ride in Lyft's stock after a typo in the company's earnings release caused a 50% spike, leading him to short the shares at $16. However, Lyft's CFO later clarified that the operating margin would only grow by 50 basis points, not 500 as initially stated. This correction caused the stock to plunge back to $14, allowing Sorgic to cover his position with a small profit of under $1,000.
- Lyft Typo Took Short Seller on Wild 45-Minute Ride to Tiny Gain Yahoo Finance
- Lyft Shares Surge as Strong Earnings Report Offsets Typo Confusion The Wall Street Journal
- Breakingviews - Lyft's blunder underscores value of own thinking Reuters
- Lyft CEO takes blame for 'extra zero that slipped into' earnings release CNBC
- Typo in Lyft earnings sends shares aloft nearly 70% Yahoo Finance
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