Ridesharing

Lyft’s Gross Bookings Grew At A Faster Rate Than Uber’s In Second Quarter

Ridesharing company Lyft’s gross bookings grew approximately 25 percent to more than $1 billion in the second quarter — a faster rate than that of carsharing competitor Uber. Uber told investors earlier this month it expected gross bookings would increase in the “mid-teens” for the quarter.

Bloomberg reports that Lyft’s business has been booming as its biggest rival, Uber, has faced an executive exodus and a string of scandals. Total revenue generated by Lyft drivers — or the company’s gross bookings — grew from more than $800 million in the previous period to more than $1 billion in the second quarter.

Rides also grew significantly, with Lyft passengers taking about as many rides in the first half of this year through the company as they did in all of 2016. In June, Lyft announced it had begun facilitating 1 million rides per day.

“Lyft has achieved incredible growth this year and enters the second half of 2017 in a very strong position,” said Brian Roberts, chief financial officer for Lyft, in a statement. “With Lyft available to nearly 80 percent of the U.S. population, we are well-positioned to continue our growth in 2017 and beyond.”

In a reversal, Uber has recently had to play catch-up to Lyft. In June, Uber started a campaign to win over drivers, many of whom said they preferred working for Lyft. In addition, Uber saw more than 500,000 people delete its ride-hailing app in late January and early February after the company was accused of attempting to subvert a driver strike.

Despite Uber’s problems, the company’s gross bookings surpassed $8.25 billion in the second quarter of this year based on reports from the company to its investors earlier this month. And while Lyft operates in the U.S, Uber, in conjunction with partners, is a global business.

While losses for both companies remain significant, investors have continued to put billions into the ridesharing companies. Uber lost $708 million in the first three months of 2017, and Lyft was expected to lose approximately $130 million in the same time frame, according to a report released before the end of the first quarter. Neither company’s second quarter losses have become public, though Uber told its investors that its losses were declining.

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