Both Uber and Lyft say they’re being more rational with incentives amidst steady user growth, but expenses are rising. Cutting prices may be a tempting way to boost riders, writes GinaChon.
Uber Technologies on Aug. 8 reported second-quarter revenue increased by 14% to nearly $3.2 billion. Analysts surveyed by Refinitiv expected sales of almost $3.4 billion. The company reported a net loss of $5.2 billion as costs grew.
Rival ride-hailing service Lyft unveiled its results on Aug. 7. Revenue grew by 72% to $867 million in the second quarter of 2019, compared with the same period last year, beating the mean estimate of analysts surveyed by Refinitiv. Lyft’s net loss increased to just over $644 million, compared to almost $179 million a year earlier. That included $297 million in stock-based compensation and related payroll tax expenses connected to its initial public offering in March.
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