Lyft is fighting to grow and losing a ton of money in the process

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Lyft isn’t growing nearly as fast as it hoped. According to Bloomberg, Lyft had planned to provide 7.4 million rides in July, but it only hit half that figure. Its failure to grow is also leading to major losses. In July, Lyft had expected to lose $14 million — it reportedly lost closer to $35 million. That miss extends throughout the first half of the year, with Lyft seeing fewer new customers, less revenue, and greater losses than it had initially projected. It reportedly lost $127 million during that period, on revenue of $46.7 million. The figures come from a leaked document Lyft is distributing as it looks to raise $500 million in new funding.

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This post has already been read 189 times!