Lyft released its long-awaited IPO prospectus Friday, revealing that the Uber archrival lost $911 million on $2.1 billion in revenue last year. The No. 2 ride-hailing company, however, expects sales to grow faster than losses, and it posted a growing share of the market.
The company has been clawing market share from industry leader Uber, according to the filing. Lyft claimed 39 percent of the U.S. market at the end 2018, up 17 percentage points over two years.Lyft didn't specify the amount it hopes to raise in the public offering, instead opting for a placeholder amount of $100 million.
Lyft has seen strong growth in both active riders — the number of users who take at least one ride per quarter — and total rides per quarter.Average revenue per active user has grown at a less consistent pace, reflecting pricing experiments. Lyft frequently offers discounts to customers who have fallen off from regular use, and recently introduced a membership service.
Co-founders Logan Green and John Zimmer will maintain a"concentrated control" of voting shares through a dual-class system, according to the filing. The prospectus doesn't specify what percentage of the voting class Green and Zimmer will own, but a person familiar with the plans told CNBC their combined stakes would constitute less than 50 percent of the voting power.
Source: News Formal (newsformal.com)
Lmao how does an Uber rip off create success
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