NEW YORK (AP) — Lyft is continuing to lose staggering sums of money as it barrels ahead with impressive revenue growth. But the company says it will turn a corner and reach profitability in about two years.
The ride-hailing heavyweight raised $955.6 million in revenues in the third quarter, up 63% from the same time last year, the company said Wednesday.
But the company lost $463.5 million in the quarter compared with a $249.2 million loss a year ago. More than half of the loss came from stock-based compensation and taxes related to its initial public offering.
Chief Financial Officer Brian Roberts told the Associated Press Lyft is very focused on profitable growth, not growth at all costs. He says Lyft is providing far fewer discounted rides than it did a year ago.