Lyft reveals financial details ahead of its IPO

NEW YORK (AP) — Ride-hailing giant Lyft is releasing financial details about the company in a federal filing before it begins selling its stock to the public.

The company said its revenue grew from $343.3 million in 2016 to $1.1 billion in 2017 and $2.2 billion in 2018, representing year-over-year growth rates of 209 percent and 103 percent respectively.

Lyft has been in a race with competitor Uber to be first to offer its stock to the public. Uber is expected to file its own initial public offering later this year.

Together, the two could raise billions of dollars to fuel their expansions and offer the first chance to buy into the ride-hailing phenomenon.

Lyft, which operates in the U.S. and Canada, was valued at just over $15 billion last year.

By Associated Press