Wednesday 7 August 2019 9:59 pm

Lyft off: Ride-hailing app makes inroads as it beats expectations

Uber rival Lyft came in ahead of analyst estimates yesterday, and predicted lower losses for the year.

Second-quarter revenue hit a record $867.3m (£714.4m), a 72 per cent increase on the same period last year.

Read more: Lyft shares tumble after tough week of trading

Meanwhile, the ride-hailing company’s net loss hit $644.2m, up significantly from $178.9m.

Third-quarter revenue is forecast to reach $900m to $915m, above the $840.9m analysts have predicted.

Shares were up as much as 16 per cent in after-hours trading before giving back most of their gains.

Lyft, which has not yet launched in London, is facing challenges in the US, where New York yesterday renewed a cap on how many Uber and Lyft vehicles it will allow in the city.

Read more: Lyft valued at $24bn as it prices shares at $72 ahead of New York float

However, its price war with arch-rival Uber is mellowing.

Uber is set to report its results after the bell this evening.