Lyft IPO filing reveals rapid growth in revenue and losses


In its filing with the U.S. Securities and Exchange Commission for an IPO through which it plans to raise up to $100 million, Lyft reported a 39% share of the U.S. ride-hailing market as of last December.

It also reported 30 million riders in 2018 and rapidly growing revenue over the past three years: $343.3 million in 2016, $1.1 billion in 2017 and $2.2 billion in 2018. Costs also have grown rapidly, however, and Lyft's net loss in 2018 was $911.3 million.

In the filing, Lyft indicated those losses are likely to continue. 

"Our expenses will likely increase in the future as we develop and launch new offerings and platform features expand in existing and new markets, increase our sales and marketing efforts and continue to invest in our platform," according to the filing. "These efforts may be costlier than we expect and may not result in increased revenue or growth in our business." 

Lyft likely will start trading on the Nasdaq in April, according to media reports. Rival Uber also is preparing for an IPO.

Source: Business Travel News

JDS Travel News JDS Viewpoints JDS Africa/MI