Lyft Inc. reported strong financial results for the third quarter of 2024, leading to a significant increase in its stock price. The company announced revenue of $1.52 billion, surpassing analysts' expectations of $1.44 billion, and earnings per share (EPS) of $0.29 compared to the anticipated $0.20. Lyft's bookings reached $4.11 billion, exceeding the forecast of $4.08 billion. The company's EBITDA was reported at $107 million, benefiting from a one-time tax accrual of $14 million. Lyft also noted a year-over-year increase in rides, which grew by 16%, totaling a record 217 million rides, while the number of users rose by 19%. Following these results, Bank of America raised its price target for Lyft shares to $19 from $16, maintaining a 'Buy' rating. The stock surged by as much as 30% in premarket trading, reflecting investor optimism about Lyft's performance and its revised outlook for future growth.