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Whenever I get stressed about work, I remember that none of it really matters. I’m not a doctor, whose mistakes can cost lives. I’m not a lawyer, where one bad day can mean someone going to jail. But perhaps most luckily I’m not the investor relations manager at Lyft who put an extra zero in an earnings report and sent the stock on a crazy adventure.

The lowdown

• 🎮 Sony cuts its PlayStation 5 sales forecast after posting record revenue.

• 🚖 Waymo issues a recall after two robotaxis crash into the same pickup truck.

• 🤖 Founding member of OpenAI Andrej Karpathy leaves the firm.

Featured story

Lyft shares go on wild ride after earnings error

Shares of ride-hailing platform Lyft went on a journey yesterday after the platform incorrectly reported one of its earnings metrics ($).

The stock soared more than 60% after the taxi app said it would improve adjusted earnings margins by 500 basis points in 2024. But on the earnings call, the figure was corrected to 50 basis points, prompting traders to trim Lyft’s stock surge down to about 15%.

Investors had taken the initial reading as a sign that efforts to challenge Uber were starting to pay off. Lyft has invested millions to attract new drivers, but has failed to narrow the gap with Uber on the number of users.

In more positive news, Lyft said it expected to generate full-year positive free cash flow for the first time in 2024. That follows Uber reporting its first full-year profit last week.

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Off-balance sheet items

• Here’s a salary negotiation trick that an ex-Goldman recruiter says works “time and time again”.

The bottom line