Lyft's Business Is Growing Faster Than Uber's
- The company’s gross bookings rose 25% quarter over quarter
- Lyft has seized on competitor Uber’s many public stumbles
Lyft Grows on Uber's Public Stumbles
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Lyft Inc.’s business has been booming as its primary competitor, Uber Technologies Inc., has faced an executive exodus and a string of self-inflicted scandals.
Total revenue generated by Lyft drivers, or the company’s gross bookings, grew about 25 percent to more than $1 billion in the second quarter from more than $800 million in the previous period, according to people familiar with the matter. That’s a faster rate than Uber, which told investors earlier this month that it expected gross bookings would increase in the “mid-teens” for the quarter.