Lyft grew faster than Uber in the fourth quarter
Loup Ventures managing partner Gene Munster on Lyft's self-driving cars.
Lyft said on Monday its revenue in the fourth quarter more than doubled as the ride-hailing service grew faster than its main rival, Uber.
Lyft’s revenue surpassed $1 billion in 2017 amid record market share figures nationwide, according to Chief Financial Officer Brian Roberts. In the fourth quarter, Lyft recorded year-over-year growth of 168%, nearly three times as fast as Uber, which reported a 61% increase in revenue.
Uber still holds a sizeable lead over Lyft, which only operates in the U.S. Fourth-quarter revenue at Uber reportedly hit $2.2 billion.
Uber has dealt with multiple controversies in the past year. The company fired more than 20 people in connection with a sexual harassment probe, and founder Travis Kalanick resigned as CEO in June. Uber also faced a lawsuit from Alphabet’s self-driving car unit, Waymo, alleging that Uber used stolen trade secrets to develop its own driverless technology. The two sides settled the case in February.
As Uber dealt with those controversies, Lyft continued to expand ridership. The company had already matched its 2016 ridership numbers in the first six months of 2017.