Lyft shares rise as company ups buyback to $750 million

• Lyft shares jumped 5% after the company boosted its share buyback plan to $750 million in its first quarter earnings report.

shares jumped 7% after the company boosted its share buyback plan to $750 million in its .

Shares were as high as 10% post-earnings.

Here's how the ridesharing company did:

• Earnings: 1 cent per share
• Revenue: $1.45 billion vs. $1.47 billion estimate from LSEG

Revenues grew 14% from a year ago to $1.45 billion. The company reported net income of $2.57 million, or 1 cent per share. That's up from a net loss of $31.54 million, or 8 cents per share, a year ago.

Rides jumped 16% during the period to 218.4 million and topped a FactSet estimate of 215.1 million. Active riders grew 11% to 24.2 million, while gross bookings surged 13% to $4.16 billion and came in slightly ahead of a $4.15 billion estimate from StreetAccount.

CEO David Risher said the quarter was the 16th straight period of double-digit year over year gross booking growth for the company in an earnings release. The ridesharing stock has shed more than 80% in value since its .

"With our expansion into new demographics via Lyft Silver and into Europe with our planned FREENOW acquisition, we're putting all the pieces in place for sustained, market-leading performance," he said.

For the second quarter, Lyft said it anticipates rides growth in the mid-teens from a year ago. Gross bookings are expected to range between $4.41 billion to $4.57 billion. Analysts polled by FactSet had forecast gross booking of $4.48 billion.

Lyft reported $280.7 million in free cash flows for the first quarter, which topped a $136.3 million estimate from StreetAccount.

Last month, Lyft announced an expansion into Europe with the nearly of Germany-based taxi app FreeNow.