Startups

Lyft gained from Uber’s scandals, sees revenue triple



Lyft appears to have benefited from Uber’s tough year.

The U.S. rival has seen its revenue growth more than triple, according to a report from The Information.  The media outlet viewed financial reports, which showed Lyft brought in $483 million in revenue in the first half of 2017, compared to about $150 million in the same time frame last year.

The company also greatly improved its margins, showing that losses narrowed from $283 million to $206 million. Lyft was losing about $4 per ride last year and now it’s losing $1.20.

Uber, on the other hand, has seen losses accelerating. Company documents show that it lost almost $1.5 billion in its most recent quarter, up from $1.06 billion in the previous period.

In the first half of the year, it lost about $2 billion on $3 billion in revenue. Uber’s food delivery service, UberEATS, was included.

From lawsuits to public outcry about its company culture, Uber had a year filled with scandals. It ultimately led to the resignation of CEO Travis Kalanick in June. Former Expedia CEO Dara Khosrowshahi took over in August.

Both Lyft and Uber are in the process of raising more funding to accelerate their businesses.



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