By Connor Hart

Lyft swung to a profit and posted higher revenue in the first quarter, boosted by more people using the ride-sharing app. The company posted a profit of $2.6 million, compared with a loss of $31.5 million a year earlier. Revenue increased 14% to $1.45 billion. Total rides grew 16% from last year, while the number of active riders climbed 11%. CEO David Risher said Lyft will continue to focus on increasing its market share by targeting expansion within regions that are highly dependent on cars and have limited access to public transportation. Shares rise 7.8%, to $14.01, in after-hours trading.

Expedia Group's first quarter was hurt by weaker-than-expected travel demand to and from the U.S., a trend that CEO Ariane Gorin warned is continuing in the current quarter. Approximately two-thirds of Expedia's business comes from the U.S., where consumers are spending less on travel. At the same time, international travelers are currently less likely to visit the U.S. These trends resulted in the online travel agency posting a wider loss and lower-than-expected sales during the first quarter. Shares fall 7.7%, to $155.96, in postmarket trading.

Microchip Technology CEO Steve Sanghi said he thinks the industry's down cycle is over, resulting in the company providing a sales outlook for the current quarter that was above expectations. The maker of chips and circuits for electronics expects revenue to be $1.02 billion to $1.07 billion during the fiscal first quarter, ahead of the $980 million analysts had been projecting. The outlook came as the company posted $970.5 million in revenue during the fiscal fourth quarter. Shares climb 7.6%, to $52.87, in after-hours trading.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

May 08, 2025 19:50 ET (23:50 GMT)

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