Mexican Media Brands
Lyft Reports $911 Million Loss in 2018
Lyft Inc. reports a $911 million annual loss in its first public financial report since the ride-hailing service launched in 2012.
#economics
Share
Lyft Inc. reports a $911 million annual loss in its first public financial report since the ride-hailing service launched in 2012.
The company disclosed in a filing for an initial public offering that it doubled its revenue to $2.2 billion last year. But its losses grew by one-third. Sources tell Reuters that Lyft also expanded its share of the U.S. market for ride-hailing services to 40% from 35%.
The company expects to be valued at $20 billion-$25 billion when it launches its IPO in April. Larger rival Uber Technologies Inc. is expected to follow by a few weeks with its own offering.
Last year Uber narrowed its adjusted net loss 15% to $1.8 billion. The company’s revenue in the fourth quarter alone surged 25% to $3 billion. Uber is likely to be valued at $120 billion.
RELATED CONTENT
-
Cobots: 14 Things You Need to Know
What jobs do cobots do well? How is a cobot programmed? What’s the ROI? We asked these questions and more to four of the leading suppliers of cobots.
-
When Automated Production Turning is the Low-Cost Option
For the right parts, or families of parts, an automated CNC turning cell is simply the least expensive way to produce high-quality parts. Here’s why.
-
On Fuel Cells, Battery Enclosures, and Lucid Air
A skateboard for fuel cells, building a better battery enclosure, what ADAS does, a big engine for boats, the curious case of lean production, what drivers think, and why Lucid is remarkable
