Shares of Lyft (LYFT) jumped over 60% after the company reported its fourth-quarter earnings on Tuesday, which in the initial report, said Lyft would see margin expansion of 500 basis points, which was a clerical error. During a call with investors, Lyft CFO Erin Brewer said the figure was incorrect and that the actual increase will be 50 basis points.
Lyft CEO David Risher joins Yahoo Finance to discuss the company's performance, the error in the quarterly report, and metrics for the company moving forward.
Commenting on the error from the company, Risher says: "Listen, it was an error. It was a clerical error, and as I've said before, this is on me. The buck stops with me. There are a lot of eyes that go on these sorts of press releases before they go out. Somehow, all of our eyes got a little bit cloudy and didn't see this one extra zero creep in. I would say the good news is as soon as we found it, we were able to issue a correction very quickly... First thing this morning, the team got together and did a preliminary postmortem. We're doing another one this afternoon on how it happened and how it's never going to happen again."
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