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Lyft IPO filing shows sales growth, no profit

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Lyft IPO filing shows sales growth, no profit

Lyft IPO filing shows sales growth, no profit

Lyft inched closer to becoming the first ride-hailing company to make a stock market debut by releasing its filing for an initial public offering on Friday, revealing a surge in sales but a widening loss.

Conway G.

Gittens reports.

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Lyft IPO filing shows sales growth, no profit

Investors who want to get a piece of Lyft are finally getting a peek at the money-losing business.

The ride hailing app revealed Friday in a public filing that it lost $911 million last year, which was a bigger loss than the year before.

But it's sales numbers are likely to get prospective investors excited.

Lyft took in over $2 billion in sales last year.

That's double the sales seen in 2017 and more than 5x the business it saw the year before that.

And that wasn't the only thing on the rise.

During the fourth quarter of 2018 - active ridership jumped nearly 50 percent from the same period the year before and the number of trips taken was up as well.

Gauging how much business Lyft is doing -is key as the company competes with a larger Uber -which has an international presence-in an effort to beat its rival to a stock market debut.

The Lyft IPO, headed to the Nasdaq under the ticker symbol L-Y-F-T, is expected to give the company an opening market value as high as $25 billion.

Compare that to Uber which is seeking a valuation of up to $120 billion valuation when it comes public later this year.

Sources tell Reuters Lyft plans to start making the case to investors in what is known as a road show beginning the week of March 18th, with an IPO likely coming early April.




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