Published: Fri, April 28, 2017
Hi-Tech | By Ellis Neal

Lyft bookings and ridership soar as losses shrink

Lyft bookings and ridership soar as losses shrink

And Uber's trouble may be boosting rival Lyft.

Uber's stumbles were Lyft's gain, according to new financial numbers leaked to Bloomberg.

Lyft also told investors in fundraising documents obtained by Bloomberg that it was beating internal growth targets, an encouraging sign for the No. 2 USA ride-hailing company.

A Lyft spokesman says the company's service adds to local economies and cuts down on drunk driving.

"Lyft had an incredible first quarter as we continued to focus on providing a better and better experience for our drivers and passengers", Lyft spokesperson Alexandra LaManna said. In February, at the height of #DeleteUber, Lyft completed 22.8 million rides - up 137 percent from February 2016.

When reached for comment, LaManna declined to confirm Bloomberg's report or comment further.

As a result of the #DeleteUber campaign, more than 200,000 people deleted their accounts from Uber. The company still lost $100 million in the first quarter, but that loss is reportedly smaller than in previous quarters.

The ride-sharing service, Lyft, launched for the first time in St. Louis on Wednesday as the company and its competition, Uber, are now legal throughout the state.

Lyft is still far behind Uber, based on gross bookings, or the total value of fares drivers collect, excluding tips and tolls. Net revenue was not disclosed.

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