Lyft has delivered its 1 billionth ride, the company announced Tuesday, a milestone that represents Lyft’s continued growth.
$1 billion in GAAP revenue in 2017, and showed revenue growth of 168% in Q4 versus the prior year’s fourth quarter. Uber’s latest financials from the second quarter of 2018 showed the company’s growth has slowed.
Lyft is also steadily gaining market share on Uber, and now has 29 percent of the market, compared to Uber’s 69 percent, according to market research firm Second Measure. (Second Measure tracks credit and debit cards but includes international rides in its U.S. market share calculation.)
“We are incredibly motivated knowing that each individual ride can make a difference in people’s lives, and we appreciate the community of drivers and passengers who made this possible,” Lyft co-founder and president John Zimmer said in a statement on the 1 billion ride milestone.
Lyft says 233 million of those last 1 billion rides were shared rides. Both Lyft and Uber are working to become the one-stop transportation app for passengers, providing shared rides, bikes, e-scooters and other options.
The company says it expects more rapid growth as it builds out Lyft’s network of in-app transportation options, as more riders choose to take bikes, scooters and public transit in addition to cars.
Lyft recently bought bikeshare operator Motivate, the firm behind New York’s Citi Bikes and San Francisco’s GoBikes, while Uber bought Jump Bikes and partnered with Lime to provide e-scooters on its platform.
Go to Source