Lyft's Q3 revenue triples while Uber's losses jump to $1.46B

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Ride-hailing firm Lyft appears to have gained significantly from Uber's unsteady ride of past 12 months. The company has seen its revenue growth more than triple, according to a report from The Information. The report stated that the company generated $483 million in revenue in first half of 2017 compared to $150 million in the same time period last year.


The report also noted that the company has narrowed its losses from $283 million to $206 million. Lyft was losing around $4 per share which has come down to about $1.20.

Uber, on the other hand, has been having a tough time. According to Bloomberg, the ride-sharing company lost $1.46 billion in the third quarter. But net revenue also went up from $1.66 billion to $2.01 billion. Gross bookings grew to $9.71 billion, versus the $8.74 billion in the second quarter. In the first half of the year, it lost about $2 billion on $3 billion in revenue.

2017 has been a tough year for Uber filled with scandals and controversies. The company has been plagued by multiple lawsuits and outcry about the company culture which led to CEO Travis Kalanick resignation in June. Former Expedia boss Dara Khosrowshahi took over the company's reins in August and has since been in damage control mode.

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