September 26, 2018 / 6:30 PM / a month ago

Lyft revenue more than doubled in first half of 2018: The Information

(Reuters) - U.S. ride hailing firm Lyft Inc’s revenue more than doubled in the first half of the year to $909 million, while its net loss expanded at a slower rate than a year earlier, technology news website The Information reported on Wednesday.

FILE PHOTO: An illuminated sign appears in a Lyft ride-hailing car in Los Angeles, California, U.S. September 21, 2017. Picture taken September 21, 2017. REUTERS/Chris Helgren/File Photo

Lyft’s net loss grew by 46 percent to $373 million, with the company losing 41 cents for every dollar of revenue, an improvement from a year earlier when the company lost 62 cents, the report said, citing a person with knowledge of the figures.

Lyft, which is expected to go public next year, declined to comment when contacted by Reuters.

Reuters reported earlier on Wednesday that JPMorgan Chase & Co (JPM.N) was in talks to lead Lyft’s upcoming initial public offering as an underwriter.

Lyft’s chief rival, Uber Technologies Inc, is also eyeing a stock market flotation in 2019.

Both firms have amassed losses as they spend heavily to enter new markets and attract drivers to their platforms, although losses have narrowed in recent years.

Uber’s net loss narrowed to $891 million in the second quarter ended June 30 from $1.1 billion a year earlier.

Its net revenue for the same period was $2.8 billion, up 8 percent over the previous quarter and more than 60 percent higher than a year earlier.

(This version of the story has been refiled to add dropped word “from” in second paragraph)

Reporting by Vibhuti Sharma in Bengaluru; Editing by Sai Sachin Ravikumar

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below