Canadian Manufacturing

Lyft reveals financial details ahead of its IPO

by The Associated Press   

Canadian Manufacturing
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Lyft has been in a race with competitor Uber to be first to offer its stock to the public

PHOTO: John Zimmer and Logan Green, co-founders of Lyft/ JD Lasica via Flickr

NEW YORK – Ride-hailing giant Lyft is releasing financial details about the company in a federal filing before it begins selling its stock to the public.

The company said its revenue grew from US$343.3 million in 2016 to $1.1 billion in 2017 and $2.2 billion in 2018, representing year-over-year growth rates of 209 per cent and 103 per cent respectively.

Lyft has been in a race with competitor Uber to be first to offer its stock to the public. Uber is expected to file its own initial public offering later this year.

Together, the two could raise billions of dollars to fuel their expansions and offer the first chance to buy into the ride-hailing phenomenon.

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Lyft, which operates in the U.S. and Canada, was valued at just over $15 billion last year.

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