Nightmare on Wall Street: A Lyft typo projected profit to be 10x better than it really is.

• Lyft mistakenly forecast 500 basis points of margin improvement for 2024, causing a stock surge.
• The error was later corrected to 50 basis points, and the shares came back to earth.
• Despite the typo, Lyft predicts healthy growth in rides for 2024.

Wall Street has been demanding more profit from tech companies, but this is overdoing it.

On Tuesday, Lyft reported results and included a surprisingly bullish forecast. A closely watched profit margin should expand by about 500 basis points in 2024.