LYFT, Inc. ( LYFT ) released its first-quarter results after Thursday's closing bell. Here's a look at the details of the report. 

The Details: Lyft ( LYFT ) reported quarterly earnings of one cent per share, which beat the analyst consensus estimate of losses of one cent. Quarterly revenue came in at $1.45 billion, which missed the Street estimate of $1.47 billion.

Lyft’s board of directors authorized an increase to its share repurchase program to a new total of $750 million. The company said it intends to utilize $500 million of this authorization within the next 12 months, $200 million of which will be used within the next three months.

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For the first quarter, Lyft ( LYFT ) reported:

Gross Bookings of $4.2 billion, up 13% year over year.

Rides grew 16% year over year to 218.4 million, a record first quarter.

Active Riders growth accelerated to 11% year over year to 24.2 million, a record first quarter.

“Q1 marked Lyft’s 16th consecutive quarter of double-digit year-over-year Gross Bookings growth demonstrating the resilience and momentum of our customer-obsessed strategy,” said Lyft ( LYFT ) CEO David Risher.

“In the last week of March, rides reached the highest weekly levels in our history and dual-app drivers reported a 23 percentage point preference for Lyft ( LYFT ). With our expansion into new demographics via Lyft Silver and into Europe with our planned FREENOW acquisition, we’re putting all the pieces in place for sustained, market-leading performance,” Risher added.

LYFT Price Action: According to data from Benzinga Pro, Lyft ( LYFT ) stock was up 7.30% at $13.95 after-hours Thursday.  

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