Lyft’s revenue tripled YoY during the first half of 2017
Ride-hailing company Lyft seems to have profited from rival Uber’s tumultuous year. Lyft has managed to increase its market share in the United States (SPY), at Uber’s expense.
According to a report from The Information, Lyft’s revenue in the first half of 2017 rose more than 200% compared to revenue generated in the same period last year. According to the report, Lyft generated revenue of $483 million in the first half of 2017 compared to $150 million in the same period last year. The company lost $206 million during the first half of 2017 compared to a loss of $283 million in the same period last year.
Lyft’s net losses much less than Uber’s
While Uber generated revenue of $2 billion during its fiscal 3Q17, it lost a whopping $1.5 billion during the quarter. In the first half of 2017, Uber generated $3 billion in revenue but had a net loss of $2 billion during the period. In comparison, its net loss during the first half of 2017 was $206 million.
Lyft is trying to close a $1 billion funding from Google-parent Alphabet (GOOG). The company aims to compete with Uber on a global basis. Uber, however, may get its own funding through Japanese (EWJ) bank SoftBank.