Lyft stock regains Minnesota rideshare driver pay losses as Q1 earnings beat expectations

Lyft stock (NASDAQ:LYFT) has jumped in the after market hours following the release of its first-quarter earnings report, which surpassed market expectations. The positive earnings report helped Lyft recoup the losses incurred today due to the compromise rideshare driver pay rates in Minnesota.

Earlier today, Minnesota lawmakers and the Minneapolis City Council reached a compromise on rideshare driver pay rates of $1.27 per mile and 49 cents per minute, which are lower than initially proposed. The rates stirred concerns among rideshare giants Uber and Lyft and both companies criticized the rates as still too high, expressing dissatisfaction with not being part of the negotiation process and even threatened to leave the state.

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