Lyft shares jumped 22% to $15.84 on Friday after the ride-hailing company reported strong first-quarter results and announced an expansion of its share repurchase program to $750 million. The surge follows better-than-expected gross bookings and a bullish outlook on consumer demand, reinforcing investor confidence in the company's growth trajectory.

Gross bookings rose 13% year-over-year to $4.16 billion, narrowly beating the $4.15 billion estimate from StreetAccount. Rides increased 16% to 218.4 million, exceeding the 215.1 million forecast by FactSet, while revenue grew 14% to $1.45 billion. Although revenue fell slightly short of the $1.47 billion anticipated by LSEG, the company reported net income of $2.57 million, or 1 cent per share, reversing a net loss of $31.54 million, or 8 cents per share, a year earlier.

"Our team is stronger than it's ever been, and the consumer demand is absolutely there," Lyft CEO David Risher said on CNBC's Squawk Box.Lyft isn't seeing "anything to worry about."

The company's board increased its existing buyback authorization from $500 million to $750 million, with $500 million earmarked for execution within the next 12 months and $200 million scheduled for deployment over the next three months. The move prompted activist investor Engine Capital to end its campaign against Lyft, withdrawing board nominations in response.

"Following a series of productive conversations, the Board has taken an important first step by committing to significant share repurchases in the coming quarters," said Arnaud Ajdler, Engine Capital's founder and portfolio manager.

Goldman Sachs upgraded Lyft shares to "Buy" from "Neutral" after the earnings report, citing "strong execution in a stable industry backdrop" and noting Lyft's ability to capture rising demand in urban mobility. The firm emphasized ride and bookings growth as core drivers of its revised rating.