Published On: 01, Dec 2017 | Source: techcrunch.com
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 timeframe 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.