Lyft’s second-quarter loss increased 12% to US$197 million, but the price increases should help narrow losses.
'If you’re a taxi owner/operator, you need to find a new business model because this trend is clear and continues to result in fewer taxi rides taken,', says Certify CEO Bob Neveu.
Labour trends like working remotely or from home had contributed to the reduced interest in cars.
Uber managed to dodge a three-year-old lawsuit by a Lyft driver who accuses the ride-hailing corporation of shady dealings. Uber's victory may be short-lived, however.
At US$47 a share, Uber would be worth just over US$80 billion, taking into account stock options.
Lyft anticipates sales of US$3.28 billion to US$3.3 billion for 2019, which is above estimates.
If the mood doesn’t change soon, it may bode ill for Uber Technologies Inc when its IPO launches on Thursday.
Lyft’s initial public offering could end up valuing the company at about US$25 billion – more than 60% above its last private valuation.
Lyft is expected to price its shares on March 28 and begin trading on the Nasdaq the next day.
Lyft expects to price 30.8 million shares between US$62 and US$68 per share.
Lyft should stick with its single class of shares with one vote each when it debuts on the Nasdaq exchange.
The case was filed in August 2013 and stated Uber classified drivers as contractors to avoid paying them minimum wage and providing benefits.
Logan Green, Lyft’s chief executive officer, and John Zimmer, its president, hold Lyft shares estimated to be worth hundreds of millions of dollars.
Uber Technologies was reportedly planning such awards for a 'significant' portion of its 3 million drivers.
The IPO stories for both companies are starting to emerge.
The IPO will take place once the Securities and Exchange Commission (SEC) has reviewed the sealed documents.
Lyft has hired Class V Group LLC to work with the management on the process and plans to begin taking pitches from banks starting as early as September, Bloomberg said, citing sources.
The number of ride-hailing vehicles in the city has jumped from about 12,600 in 2015 to about 80,000 this year, according to the New York City Taxi and Limousine Commission.
Booking Holdings will allow its users to hail Didi cars while Didi users will also have access to Booking Holdings' services through Didi.
The Lyft valuation is slightly more than double the $7.5 billion figure used when the San Francisco-based company raised $500 million early last year.
The increase is bitter pill for those who toil in the increasingly popular ridesharing business. Fuel is one of the main costs facing drivers who work for Uber, Lyft and other smaller application-based services.
Ride-hailing services Uber and Lyft are scrapping policies requiring arbitration over claims of sexual misconduct involving employees, riders and drivers.
Uber Technologies Inc's growth has slowed as a series of scandals has allowed the ride-hailing company's chief U.S. competitor, Lyft Inc, to grab more market share, digital research firm eMarketer said in a report on Monday.
Lyft on Wednesday announced it will collaborate with Canada's Magna on self-driving car technology, with the automotive components giant set to invest $200 million in Uber's main rival.
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