Lyft, the number two ride-hailing company in the U.S., could be profitable before arch rival Uber, given just how much money Uber is spending to grow its international business, people familiar with both companies' finances told CNBC.
In 2016, Lyft lost close to $600 million after pulling in $700 million in revenue, people familiar said. The news was previously reported by The Information's Amir Efrati.
"We tripled our business and grew faster in 2016 than 2015," Lyft co-founder and president John Zimmer told CNBC. "We're growing faster than the competition and that is what we're going to continue to do."
That same year, Uber was set to lose about $2.8 billion from revenue of close to $6 billion, after driver payouts, sources told CNBC.
"In 2017, we're going to keep the pedal down and our focus has been taking care of drivers and passengers, which is leading to a greater preference for Lyft," said Zimmer.