Lyft Made $2.1 Billion Last Year, Will That Help or Hinder Its Upcoming IPO
Lyft has filed to go public, and with that, the company has been forced to release financial and user data related to the companies future.
This new information shows that just last year in 2018 Lyft doubled their total revenue up to $2.1 Billion in 2018. Lyft did suffer a $911 Million operating expense at the same time though.
During 2018 Lyft made $8.1 Billion thanks to bookings through their ride-hailing app. Up from 2017 where the company earned $4.6 Billion.
In the past three months, Lyft has had an average of 18.6 million active riders and 1.1 million drivers using the service. Lyft is available in over 300 markets across the USA and Canada and made up 39% of the US ridesharing market in December 2018. That's up from December 2017 where Lyft only made up 22%.
Lyft plans on going public on the Nasdaq stock exchange using the LYFT ticket symbol though it should be noted that during the filing in the risk section Lyft did indicate that competitors were outperforming it in a big upcoming market.
"If we are unable to efficiently develop our own autonomous vehicle technologies or develop partnerships with other companies to offer autonomous vehicle technologies on our platform in a timely manner, our business, financial condition and results of operations could be adversely affected,"
Going on to state that they may not be able to achieve or maintain profitability into the future something that may scare away potential investors.
As the IPO nears, it will be interesting to see how the market responds to Lyft going public. Will the stock sore on the future expectation of the ride-sharing market growing. Or will Lyft suffer the fate of many internet companies in the past years where the stock started selling high but quickly dropped off in the months following?