A Lyft driver hub building in Los Angeles. Photo by Bloomberg
Uber/Lyft

Lyft’s IPO Filing Shows Revenue Nearly Doubled in Q4 While Loss Rose Slightly

Photo: A Lyft driver hub building in Los Angeles. Photo by Bloomberg

Lyft nearly doubled revenue in the fourth quarter, compared with the year-earlier period, while its net loss rose just 9% to $270 million, the ride-hailing firm revealed in a securities filing. The results suggest Lyft is getting its losses under control as it continues to grow, particularly by cutting spending on advertising. That’s a vital point for investors considering buying stock in its forthcoming initial public offering.

Lyft, the number-two ride hailing firm behind Uber, made the disclosures in its IPO filing, which became public on Friday morning. The filing showed Lyft’s cash burn—cash it is spending for operations and on equipment such as scooters—fell to $349 million in 2018 from about $400 million in 2017. At the end of December, Lyft had about $2 billion in cash and short-term investments. It hopes to raise between $1 billion and $3 billion in the IPO, according to people close to the company.

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