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RETAIL REPORT: Need a Lyft?
Traders Magazine Online News, March 7, 2019
Any one need a Lyft up?
Lyft, the app-based ride service, has just passed its rival Uber in the race to go public.
According to the Securities and Exchange Commission, Lyft filed paperwork last Friday to raise as much as $100 million in its public offering, depending on demand and final pricing.
Exchange operator NASDAQ won the listing and the stock will eventually trade under the symbol “LYFT.”
Lyft joins what is expected to be a banner year of for new issuance as several new economy companies like Lfyt, Airbnb, Pinterest and Uber are expected to go public.
Lyft currently has approximately 30 million riders and almost 2 million drivers working for it. Yet, it has lost over $2 billion dollars in the last three years.
According to a report by CNN, Lyft warned that "we have incurred net losses each year since our inception and we may not be able to achieve or maintain profitability in the future."
Lyft hit $2.2 billion in revenue in 2018.
Lyft's net loss rose to $911 million in 2018 from $688 million the year prior. However, this is markedly less than its rival Uber reported losing last year - $1.8 billion.
"We're like cutthroat missionaries," Lyft’s Co-Founder Logan Green told CNN Business in an interview last year. "I think people see the missionary aspect, or see that we care about taking care of people, and assume it means we'll be soft when it comes to competing."
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