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.