Lyft filed for a $100 million initial public offering on Friday.
In its filing with the U.S. Securities and Exchange Commission, Lyft released its financial history for the first time. With the public disclosure, we now know that for the past three years Lyft has been losing money ..a lot of money.
Lyft pulled in revenue of $2.2 billion in 2018, but also recorded a net loss of more than $911 million. It lost nearly $700 million during the previous two years.
Much bigger competitor Uber is expected to file for its own IPO later this month or next month. Uber has already revealed it lost more than $1.8 billion last year. Like Lyft, the companies need to show would-be investors that ride-hailing can be a profitable business. Read more...