(Reuters) -Lyft beat estimates for quarterly profit on Tuesday and said it would generate positive free cash flow for the first time in 2024, as it cut costs and became more competitive with larger rideshare rival Uber.

Shares were up 17% in late afterhours trade, despite a major gaffe: Lyft's said incorrectly in a statement that a key margin metric was expected to rise by 500 basis points this year. On a conference call later, Chief Financial Officer Erin Brewer corrected the forecast to an increase of 50 basis points.