The San Francisco based transportation company Lyft is about to get the status of first ride-hailing company to enter in to the stock market. Recently, the company has released its filing for an IPO (Initial Public Offering) over its financial performance.
Lyft said as the one of the fast growing company in U.S but also it is listed in the list of Money-losing companies. Based on the report gathered from the trusted sources, the raid hailing company Lyft has revenue about USD 2.8 billion for the financial year 2018 where the revenue amount seems to be the doubled figure shown by the company in previous year. In fact, while comparing the numbers of the year 2016, recently closed financial year which is 2018 has about 528% high.
However, the report filled by the company has state as Lyft facing heavy losses for the past 3 years, the exact numbers are $911 million losses reported for year 2018, $688 million loss in 2017 and for 2016 company’s net loss mentioned as $682. In spite of losses, the company continued to invest and expand throughout U.S and Canade provisions. And it planned to step into Australia and Mexico in soon which might burn its cash a lot.
From this year Lyft which is high valued venture-backed company is about to go public overhead of its rival and larger competitor Uber which might take few more weeks to step into IPO.
In Lyft’s recently submitted 220 page document along with pictorial representation, the company has showcased its high growth in terms of economics and also highlighted the widening losses.