Lyft supporters gather for the Lyft IPO as the company lists its shares on the Nasdaq in the first-ever ride-hailing initial public offering, in Los Angeles, California, U.S., March 29, 2019. REUTERS/Mike Blake
NEW YORK - Lyft is likely to take some gas out of Uber Technologies’ initial public offering. The smaller ride-hailing app beat revenue estimates in the first quarterly results since its listing, and burned less cash. But its rate of growth is slowing, making profit an ever-more distant goal. The perceived promise of transport that consumers can summon with a tap on their cellphones, and a dearth of recent big IPOs, has created a fertile market for both companies. Lyft raised $2.2 billion in March and saw its stock pop over 20 percent initially, briefly hitting a market capitalization of some $30 billion. But the company’s unprofitable reality has since sapped investor enthusiasm. After it reported a $1.
There are encouraging signs. Revenue of $776 million was up 95 percent from a year earlier, and the rate of cash burn nearly halved, to just under 11 percent of revenue. But the company’s overall expansion is decelerating, which will make it harder to turn a profit. Lyft projects revenue will grow by 52 percent for the year, half the rate of 2018, while adjusted EBITDA will be negative to the tune of nearly $1.2 billion.
At least the company was first out of the blocks. Market leader Uber is due to price its offering on Thursday. It’s seeking a market value of up to $84 billion based on the top of its indicated price range, and underwriters led by Goldman Sachs and Morgan Stanley will almost certainly find willing buyers. But it is growing slower than Lyft and burning cash at a faster rate.
Breakingviews tombuerkle uberscam
Breakingviews tombuerkle No one cares.
Breakingviews tombuerkle Lyft is a lot more affordable than uber
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lyft takes some gas out of Uber’s IPOThe smaller ride-hailing app beat revenue estimates with its first post-listing results and burned less cash. But growth is slowing, making profit a more distant goal for the $17 bln firm. That, and a fresh wobble in the stock, flash a hazard light for its big rival’s offering.
Source: Breakingviews - 🏆 470. / 51 Read more »
Uber and Lyft drivers plan to strike and rally ahead of Uber's IPORideshare drivers are planning to strike and rally again — this time, ahead of Uber's impending IPO Should be for the whole day
Source: CNN - 🏆 4. / 95 Read more »
Lyft stops providing key data after IPO, then insults investors’ intelligenceLyft suggested that investors’ poor little brains just couldn’t handle a separate figure outlining the actual size of its business, yet offered several different versions of profitability, Therese Poletti writes. Lyft and Facebook just don’t understand why companies that don’t make and money and are going to continue to be dependent on the market for cash is a good deal. I don’t see how their business plans work long term. Like Tesla, they depend on investors buying into a fantasy. Lyft can not answer the question when and how they will ever be profitable. retheauditors HorridHenryVIII a good person to follow when it comes to accounting and business issues. She really is fabulous on getting to the heart of the matter.
Source: MarketWatch - 🏆 3. / 97 Read more »
Lyft shows large losses in first earnings since IPO, but sales beat expectationsLyft Inc. reported better sales than expected in its first quarterly earnings report as a public company Tuesday, but also disclosed massive losses even...
Source: MarketWatch - 🏆 3. / 97 Read more »
Uber, Lyft drivers plan to strike ahead of Uber’s IPODrivers are calling for better job security, a livable income and a cap on the ride-hailing companies’ commission. Unfortunately it doesn't matter, they will lose their jobs to automation eventually anyways. This is why we need UBI.
Source: washingtonpost - 🏆 95. / 72 Read more »
Uber and Lyft drivers reveal the most annoying things that passengers do during ridesBusiness Insider asked dozens of drivers about their biggest pet peeves. Here's what they had to say. Can we reveal the most annoying things they do? Rape, murder, talk to us when we have headphones on.... happy to expand If your taking UberX “Disagreeing with the route” in some cities like Chicago you can be banned and ticketed from using rideshare if you do you not follow your customers route. Uberpool is different but in Chicago you call 311 and that driver will get a ticket and banned ‘Making female drivers uncomfortable’ if u cant handle drunk passengers or people u need to find another profession. This mentality is why foreign intellectuals who become cab drivers had hard times in Chicago on getting fares. The customer is not there to serve you
Source: BusinessInsider - 🏆 729. / 51 Read more »
Here are the biggest analyst calls of the day: Uber, Lyft, Walmart, Target & moreHere are the biggest calls on Wall Street on Friday Too many companies are going public and ones that will never show a profit BIG PROBLEMS here and this economy has been set up and booming for the last 30 years so to say this is trumps economy is far fetched
Source: CNBC - 🏆 12. / 72 Read more »
Lyft just lost its lawsuit against New York City's minimum wage rule for driversA judge ruled Wednesday that Lyft and Juno must pay their drivers according to rules set out by the City Council in March.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Uber, Lyft drivers plan to strike in more than a dozen major citiesRide-hailing drivers in more than a dozen cities plan to strike on Wednesday ahead of Uber's highly anticipated Wall Street debut. Good stay on strike goodbye 👋🏽 strike all you want, robotaxis will come soon ... 🤖🤖🤖 When you strike, you don't make money.
Source: CNN - 🏆 4. / 95 Read more »
Strike by Uber and Lyft drivers Wednesday has potential to disrupt travel for thousandsThe work stoppage could mean longer waits for service and surge pricing — if you can hail a ride at all. Get a real job if you want more money. Uber is not a job, the commercial tells us it's a 'side hustle' 🤣🤣🤣 Then should drive a taxi 😂
Source: washingtonpost - 🏆 95. / 72 Read more »
Uber, Lyft drivers in New York, other cities set to strike for two hours WednesdayDrivers in seven other U.S. cities, as well as London, will participate in the stoppage, aimed at getting more job security and other improvements.
Source: USATODAY - 🏆 100. / 63 Read more »