Lyft increased its stock buyback program to $750 million and beat first-quarter profit estimates on Thursday, signaling steady demand for its ride-hailing services, sending its shares up nearly 8% in extended trading.

Lyft (LYFT) stock is up nearly 20% after the company boosted its share buyback program and reported strong ride metrics

For the first quarter ended March 31, Lyft reported adjusted earnings per share of 24 cents, up from seven cents per share in the first quarter of 2024, on revenue of $1.45 billion, up 14% year-over-year. Earnings per share beat the 19 cents expected by analysts, but revenue fell just short of an expected $1.47 billion.