Wednesday 29 March 2017

Uber rival Lyft to hit $1bn revenue

Ride-hailing app Lyft, Uber's biggest competition in the US, expects to reach $1 billion in gross annual revenue, the company's co-founder says.

Hitting a $1 billion run rate suggests privately owned Lyft has increased market share in some US cities, despite competition from Uber, a larger and better-financed ride-hailing app. Lyft's net revenue was estimated at $130m in 2014, according to company financial documents cited by Bloomberg.

"It demonstrates what a large business opportunity this is," said John Zimmer, Lyft co-founder and president (right). "The market that we are playing in is ... a $2.25 trillion transportation industry."

Irish Independent

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