Lyft shares suffer biggest fall in more than a year, even as it reports first quarterly profit

Lyft shares tumbled to their biggest loss in more than a year on Wednesday after the ride-hailing app reported gross bookings that spooked investors. Shares of Lyft were down more than 13% in midday trading to $9.54 per share, even as the San Francisco company turned in its first quarterly profit, earning $5 million. Lyft reported gross bookings for the second quarter at the low end of its forecast range of $4 billion to $4.1 billion. It’s projecting the same range for the third quarter, which came in below Wall Street analysts’ forecasts of $4.15 billion.