US ride-hailing firm Lyft said to lose $855.5m in 2016 as revenue surges

A driver looking from an Uber self-driving car on Sept 13, 2016 in Pittsburgh, Pennsylvania.
A driver looking from an Uber self-driving car on Sept 13, 2016 in Pittsburgh, Pennsylvania.PHOTO: AFP

SAN FRANCISCO (BLOOMBERG) - Lyft, the second-largest ride-hailing startup in the US behind Uber Technologies, lost about US$600 million (S$855.5 million) last year, keeping its promise to investors that monthly losses wouldn't exceed US$50 million, according to people familiar with the matter.

In 2016, Lyft generated about US$700 million in revenue, said the people, who asked not to be identified because the financials are private. The company's sales growth of 250 per cent far exceeded its increase in losses of 46 per cent. The Information, a technology news site, reported Lyft's 2016 financials earlier on Thursday (Jan 12).

Uber was on track to lose US$3 billion or so last year based on financials from the first three quarters. The global ride-hailing giant lost at least US$2 billion in 2015.