Lyft grew faster than Uber in the fourth quarter

By TechnologyFOXBusiness

Lyft rivals Uber, Waymo with self-driving cars

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.

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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.

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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.

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