Risher dismissed speculation that CFO Erin Brewer was to blame, stating that she is 100% safe in her role. He emphasized that the error was his responsibility as CEO, and that an internal audit team will investigate the mistake to prevent future occurrences. Risher also noted that the incident demonstrated that press releases cannot yet be written by AI, and a Lyft spokesperson confirmed that the press release was not generated by AI.
Key takeaways:
- Lyft CEO David Risher took full responsibility for a major typo in the company's earnings release that led to a surge in the company's stock by more than 60% in after-hours trading.
- The typo in the press release reported that Lyft expected its profit margin to expand by 500 basis points in 2024, when it should have been 50 basis points, a difference of around $630 million.
- Risher assured that Lyft's CFO Erin Brewer was not to blame for the error and is safe in her role, despite speculation that she was in the hot seat over the error.
- Risher stated that the incident demonstrated that press releases cannot yet be written by AI, and confirmed that the press release was not generated by AI.