Lyft made a lot of progress in 2017, helped by strong market expansion within the U.S. and riding some very bad news from its primary rival, Uber. That’s helped it grow revenue to more than $1 billion as measured by GAAP standards for its fiscal 2017, with a particularly strong Q4 during which its revenue outpaced Uber’s by 2.75x, lifted (get it?) 168 percent year-over-year, versus 61 percent growth for Uber’s revenue relative to its own performance during the final quarter of 2017.
Of course, neither company needs to release their official financial results for either the quarter or the year, because they’re both still private, but they do tend to enjoy letting a bit of the fiscal cat out of the bag. Lyft provided this stat shot, which also includes some highlight numbers on its performance thus far in 2018.
Lyft say it’s still doing more than 10 million rides per week across the platform, and it says the quarter ending on March 31st will also likely be its 20th consecutive quarter with more than 100 percent year-over-year revenue growth.
Last year also marked the first international expansion for Lyft, with a launch in Toronto, and it’s also since expanded to Ottawa in Canada. The ride-hailing company also hired Tesla’s Jon McNeil as a COO, and brought on YouTube’s Emily Nishi as its chief people officer.
Lyft growing revenue at a faster clip than Uber shouldn’t be surprising, however — it has a lot of ground to make up on Uber, the clear leader in the ride-hailing game, at least when it comes to North America.
Original Source link