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Losses widen for rideshare giants in 2Q

Both Uber and Lyft continue to struggle to become profitable enterprises, according to second-quarter earnings reports filed by the two companies last week. Lyft’s losses more than tripled in the quarter to $644.2 million, despite increases in revenue and ridership. Revenues shot up 72% to $867.2 million, while active riders increased 41% to 21.8 million. […]

Changes in Transportation Models a Greater Threat Than Economic Downturn, CPS CFO Says

While a looming economic downturn has prompted auto financiers to find strategies to protect profit margins, Consumer Portfolio Services Chief Financial Officer Jeff Fritz said lenders should be thinking about how the personal transportation model is transforming. “Don’t be so occupied stamping out the ants that you miss the elephants coming over the wall,” Fritz warned […]

Ride-Hailing Services Struggle for Profitability in 1Q

Uber Technologies posted a $1.03 billion loss during the first quarter, more than double the $478 million loss recorded in the prior-year period, according to the company’s first-ever quarterly earnings report. Despite a 20% year-over-year increase in revenue to $3.1 billion, the San Francisco-based mobility company has struggled to maintain profitability. Since its inception, Uber […]

How Lenders Stand to Benefit From Uber’s Platform

Despite profitability concerns outlined in Uber Technologies’ S-1 filing, lenders could benefit from partnering with the mobility company, Grayson Brulte, president of Brulte & Co., told Auto Finance News. For instance, lenders might allow Uber drivers to rent their off-lease inventory. “Uber is not a ride-sharing company or an autonomous vehicle company or a food […]

Uber Makes IPO Case That It’s About the Platform, Not the Losses

Uber Technologies Inc., the current era’s archetypal startup, moved toward becoming a public company Thursday, revealing that it racked up a $3 billion operating loss last year and hoping potential investors will look beyond that. Less than two years after being tapped to take Uber to its initial public offering destination, Chief Executive Officer Dara […]

Lyft Stock Starts Trading on Nasdaq

Rideshare giant Lyft began trading on the Nasdaq Global Select Market today, raising $2.3 billion in its initial public offering. Lyft sold 32.5 million shares at $72 per share. The stock is trading under the ticker "LYFT." As of 12:15 p.m. Eastern Time, the stock was trading at $84.25 per share, up 17% from the […]

Lyft’s Losses, Dependence on Autonomous Overshadow IPO Filing

Rideshare giant Lyft filed its IPO prospectus on Friday. The company’s net losses and heavy reliance on autonomous vehicles is likely the biggest concern for investors, said Brian Allan, senior director of strategic partnerships at HyreCar. Lyft's net loss climbed to $911.3 million in 2018 from $688.3 million a year earlier, according to the filing. Lyft […]
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