Lyft becomes the first ride-hail company to go public, beating Uber
Source: The Verge
Lyft filed IPO documents with the Securities and Exchange Commission Friday, beating its main rival Uber in the race to become the first app-based ride-hail company to go public.
The company, which got its start as a college carpooling service called Zimride in 2007, says it has achieved 39 percent market share in the US as of December 2018, up from 22 percent in December 2016. This new growth comes from new riders and drivers, as well as more frequent rides from existing users. For the quarter ended December 31, 2018, Lyft says it had 18.6 million Active Riders and over 1.1 million drivers.
Lyft has been aggressively courting riders by heavily discounting its fares in the run-up to its IPO, according to recent reports. This comes at enormous cost to the company, and these documents provide the first glimpse of Lyfts rapidly-growing-but-ultimately money-losing business. The company made $2.2 billion in revenue in 2018 by providing more than 1 billion rides. Lyft also lost $911.3 million in 2018 its biggest annual loss in the past three years. For 2016 and 2017, its losses were $682.8 million and $688.3 million, respectively.
We are laser-focused on revolutionizing transportation and continue to lead the market in innovation, Lyft states at the beginning of its the S-1 document required by the SEC for public companies that are based in the US. We have established a scaled network of drivers and riders, or users, brought together by our robust technology platform that powers millions of rides and connections every day.
Read more: https://www.theverge.com/2019/3/1/18246328/lyft-ipo-ride-share-bikes-scooters-uber-public-sec
PoliticAverse
(26,366 posts)marylandblue
(12,344 posts)Wellstone ruled
(34,661 posts)Taxi Cab companies are shirking their services or in some cases,ceasing operations or going Bankrupt.
The Largest Cab Company owner,here in Vegas,put his Business up for sale yesterday. This operator Controls five companies which is the largest block of Cabs in Vegas.
His Drivers make more money as Lyft or Uber drivers.