Lyft, Inc. (LYFT) shares are soaring 18.35% in Friday's trading session following a series of positive developments for the ride-hailing company. The stock's impressive rally comes on the heels of better-than-expected first-quarter results, an expanded share repurchase program, and the withdrawal of board nominations by an activist investor.

The company reported a surprise profit for Q1 2025, with earnings of $0.01 per share compared to analysts' expectations of a $0.01 loss. While revenue of $1.45 billion slightly missed estimates, it still represented a 14% year-over-year increase. Lyft also announced an increase in its stock buyback program to $750 million, with plans to utilize $500 million within the next 12 months. This move signals confidence in the company's financial position and commitment to enhancing shareholder value.

Adding to the positive sentiment, activist investor Engine Capital withdrew its nomination of candidates for Lyft's board of directors. The decision came after the company committed to significant share repurchases, which Engine Capital viewed as an "important first step" in addressing shareholder concerns. The withdrawal of the activist challenge, coupled with strong Q1 results and the expanded buyback program, has fueled investor optimism and contributed to the stock's substantial gains in Friday's trading session.