Lyft says it passed $1 billion in GAAP revenue in 2017

Key Points
  • Lyft's revenue surpassed $1 billion in the fourth quarter of 2017, up 168% from a year ago.
  • CFO Brian Roberts wants the company to remain focused on sustainable growth and making investments

Brian Roberts, CFO of Lyft.
Source: Lyft

Ride hailing company Lyft says it booked over $1 billion in GAAP revenue for 2017, and showed revenue growth of 168% in Q4 versus the prior year's quarter.

That growth is nearly 3 times as fast as Uber, which saw a 61% increase in revenue in Q4 vs a year ago. It's also claiming 10 million rides per week.

But it's still way behind Uber in terms of overall revenue. Uber told The Information that it booked $2.2 billion in net revenue (bookings minus payouts to drivers) in Q4 alone.

Lyft did not disclose how much it lost during the year, but CFO Brian Roberts saying in a statement, "We've recently achieved record market share levels nationwide even as we significantly reduce sales and marketing expenses."

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