Summits Yellow

Lyft triples revenues as Uber's travails continue

David Murphy

Uber’s ongoing problems have proved good news for rival cab firm Lyft, it would appear. Documents seen by The Information suggest that the company cut its losses in the first half of 2017 from $283m  (£209m) to $206m, off the back of revenues that more than tripled, from roughly $150m in H1 2016, to $483m in H1 2017.

While Uber operates in many cities around the world, Lyft is currently in the US only, with plans for a Canadian launch soon.

Last week, Bloomberg reported Q3 2017 losses of $1.46bn, compared to $1.06bn in the previous quarter. The week before, it was revealed that Uber had paid hackers $100m to cover up a data breach affecting 57m users. That news came a couple of weeks after Uber lost a court appeal over the employment rights of its drivers. Lyft and Uber’s other competitors will presumably not be shedding too many tears over these and other distractions Uber is currently facing.