Lyft Tells Investors to Expect No Growth in Rides for June

Lyft Inc. may be hitting a wall in its war with its richer competitor.

This year, armed with a fresh $1 billion from investors, Lyft charged into battle with Uber Technologies Inc. in the U.S., vastly increasing spending to subsidize driver and rider growth. Lyft promised investors it would cap spending at $50 million a month, or $600 million for 2016, people familiar with the matter said in April. Uber matched many of Lyft’s subsidies, pumping out driver promotions and keeping fares down.