Lyft Reports $911 Million Loss in 2018

Lyft Inc. reports a $911 million annual loss in its first public financial report since the ride-hailing service launched in 2012.

The company disclosed in a filing for an initial public offering that it doubled its revenue to $2.2 billion last year. But its losses grew by one-third. Sources tell Reuters that Lyft also expanded its share of the U.S. market for ride-hailing services to 40% from 35%.

The company expects to be valued at $20 billion-$25 billion when it launches its IPO in April. Larger rival Uber Technologies Inc. is expected to follow by a few weeks with its own offering.

Last year Uber narrowed its adjusted net loss 15% to $1.8 billion. The company’s revenue in the fourth quarter alone surged 25% to $3 billion. Uber is likely to be valued at $120 billion.