Lyft went public on Friday at a valuation above $20 billion, but last year it had a net loss of $911 million. Leading up to its IPO, Lyft promised investors 20% EBITDA margins, but it was vague about a timeline or strategy for how it would get there.
It offers rides on-demand in 65 countries and has a stake in Didi and Careem, which operate in Asia and the Middle East and North Africa, respectively.
Uber was also the first ride-hailing company to expand into services like food delivery and bike-sharing which provide it with different revenue streams. Lyft is more focused, although it is starting book passengers into self-driving vehicles via a partnership with Aptiv. It hasn't talked about any plans for air taxis.The next race will pit these ride-hailing players against each other in a quest for profitability, and the confidence of the public market investor.
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