Lyft Loses $600 Million in 2016 as Revenue Surges
U.S. ride-hailing startup is said to generate revenue of $700 million last year.
Lyft at its San Francisco Headquarters showcasing Lyft cars, the Glowstache, the Lyft app, Lyft passengers and drivers on February 3, 2016 in San Francisco, California.
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Lyft Inc., the second-largest ride-hailing startup in the U.S. behind Uber Technologies Inc., lost about $600 million last year while increasing revenue 250 percent, according to people familiar with the matter.
In 2016, Lyft generated about $700 million in sales, said the people, who asked not to be identified because the financials are private. The San Francisco company's revenue growth far exceeded its 46 percent increase in losses.