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Lyft cuts losses as revenue surges: the Information
November 30, 2017 / 11:08 PM / 11 days ago

Lyft cuts losses as revenue surges: the Information

(Reuters) - Ride-hailing company Lyft’s losses narrowed in the first half of the year as revenue more than tripled to $483 million, technology news website the Information reported on Thursday.

An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. REUTERS/Chris Helgren

Lyft declined to comment.

Lyft’s net loss fell 27 percent to $206 million for the first half of 2017, the Information said, citing the company’s financial statements.

Revenue for the year-ago period is estimated to be around $150 million, although comparison is difficult because of accounting changes, the website said.

Lyft’s biggest rival is industry leader, Uber Technologies Inc, whose third-quarter losses widened as it wades through legal troubles and faces regulatory scrutiny across the globe, a source said on Tuesday.

Reporting by Arjun Panchadar and Akshara P in Bengaluru; Editing by Anil D'Silva and Richard Chang

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