Lyft plans to list on the NASDAQ stock exchange. As you’d expect, it will likely use the LYFT ticker.
Still, you’ve got to give it to Lyft for achieving such a massive valuation, despite the fact that it doesn’t actually own any taxis and is yet to make a profit. Last year, the company reported $911 million in losses – an increase of 32 percent from the previous year.
Another factor that makes this valuation a little strange include the fact that Lyft is only available in the US and Canada. Uber, despite its constant hemorrhaging of cash, is at least available across most major cities around the world.
But I don’t want to seem like I’m being harsh on Lyft. It does a lot of things well. For starters, it’s got a solid, well-defined brand identity. Plus, it has (at least for the most part) avoided controversy. And crucially, it’s growing faster than a daffodil in manure, with 2018 bookings 76 percent higher than its 2017 numbers. Revenue doubled that year, too.
And, as is the mantra in Silicon Valley, growth trumps all.
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