Lyft shares rose in extended trading on Tuesday after the ride-hailing company reported better-than-expected earnings and gave guidance that topped estimates. The stock initially soared more than 60% before selling off.

Here’s how the company did:

• Earnings: 18 cents per share, adjusted, vs. 8 cents estimated by analysts, according to LSEG, formerly Refinitiv.
• Revenue: $1.22 billion, vs. $1.22 billion expected by analysts, according to LSEG.

Revenue increased 4% from $1.175 billion a year earlier, Lyft said.

Gross bookings for the first quarter will be $3.5 billion to $3.6 billion, topping analyst estimates of $3.46 billion, according to StreetAccount.

“Given these factors, along with our plans for slightly lower capital expenditures for 2024 relative to 2023, we anticipate that Lyft will generate positive Free Cash Flow for the full-year for the first time,” Lyft said.

The company has struggled since its IPO in 2019, as it’s bled cash to pay for drivers and compete with larger rival Uber. Even with Tuesday’s after-hours pop, the stock is still more than 70% off its debut price.

CEO David Risher, who took the helm in March of last year, said the company reached a record number of annual riders. The number of rides increased 26% from a year earlier to 191 million in the fourth quarter, and active ricers rose 10% to 22.4 million.

Gross bookings for the year increased 14% to $13.8 billion, while bookings for the quarter rose 17% to $3.7 billion.

Prior to Tuesday’s report, Lyft shares were down 19% to start 2024. Uber shares are up 12%.

WATCH: Can gig companies utilize ads to achieve sustained profitability?