Lyft Inc inched closer to becoming the first ride-hailing company to make a stoc...
SAN FRANCISCO - Lyft Inc inched closer to becoming the first ride-hailing company to make a stock market debut by releasing its filing for an initial public offering on Friday, revealing to the public a detailed look at its financial performance.
The company has managed to grab market share from better-funded Uber, but the filing failed to provide answers to how it will sustain growth or achieve profitability. Gross bookings, or the total value of the rides Lyft sells before driver pay is deducted, reached $8.05 billion last year, 76 percent above the prior year and 323 percent above 2016.
Uber in 2018 lost $1.8 billion before taxes, depreciation and other expenses. Its revenue for the year was $11.3 billion and ride bookings were $50 billion. Unlike Lyft, Uber for the last few quarters has shared selected financial data with the public. Both Lyft and Uber filed confidentially for an IPO with the U.S. Securities and Exchange Commission in December, a process that gives privately held companies more time to keep their financials secret and reduce their exposure to market fluctuations.Lyft has been eager to emphasize its growth to investors over its total revenue. Lyft said that as of December it held 39 percent of the U.S. ride-hailing market, up from 22 percent at the end of 2016.
But Lyft’s acquisition of bike-sharing company Motivate for $250.9 million last year is not expected to materially increase revenue in the short term. Revenue from Lyft’s scooter business was also not material.
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