Uber competitor Lyft presented its balance sheet for the fourth quarter of 2019, according to which sales as well as losses increased. Lyft also takes over the rental car provider Flexdrive.
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Lyft – a competitor of companies such as Uber, Bolt and Holmi – according to the current balance sheet, posted strong growth in sales at the end of 2019, but also increased the loss, as the US company announced on Tuesday.
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For the fourth quarter of 2019, the ride sharing provider reported sales of $ 1.017 billion, compared to $ 669.5 million in the same quarter of the previous year – an increase of 52 percent year-on-year. At the same time, the net loss was $ 356 million, after a loss of $ 248.9 million in the fourth quarter of 2018. The fourth quarter loss includes 207.3 million euros in employee compensation on a share basis, Lyft said.
Less discount codes
Brian Roberts, CFO of Lyft, told Reuters that 2020 will lay the foundation for “more sustained growth” in 2021 and beyond: Focusing on profitable growth, including the discount codes and benefits that will attract new customers , adjust gradually.
“We want to win on innovation, customer experience and brand reputation, not on coupons or discounts,” says Roberts. The number of active users grew by 23 percent to 22.9 million. For comparison: market leader Uber had 103 million monthly active users worldwide in the third quarter of 2019.
Lyft buys rental car provider Flexdrive
A conference call with analysts also mentioned that Lyft acquired Flexdrive, a rental car company, for $ 20 million. The Uber competitor had previously cooperated with providers such as Flexdrive, Hertz and Avis to arrange rental cars via the Lyft platform. For the time being, Roberts did not provide any information about changes in this offer.
==> More about Lyft’s car rental plans
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