For the first time, Lyft is disclosing internal market-share numbers, and they show its momentum isn't letting up after it capitalized on Uber's disastrous 2017.
Lyft says it has 35 percent of the national ride-sharing market, up from 20 percent 18 months ago. That would represent growth of 75 percent.
Lyft credits more activations of passengers and customers and greater brand awareness. The start-up says its market share is over 40 percent in 16 U.S. markets and that it enjoys majority share in "multiple" markets, although it wouldn't disclose where.
"The last 18 months have been a period of incredible, sustained growth for Lyft," CFO Brian Roberts said. "There are no signs of that momentum slowing down."
As Lyft and Uber battle for market share, they've had to spend big on subsidies to drivers and promotional discounts to riders. It's a race-to-the-bottom strategy that has seen both companies burn through record amounts of cash and struggle to reach profitability.
But both have been trying to rein in spending as they look toward IPOs. Lyft says that in the first quarter of 2018, it reduced its sales and marketing spending by 20 percent year over year.