Lyft files for stock offering, beating Uber to Wall Street

Lyft files for stock offering, beating Uber to Wall Street”

Insiders, who on Friday filed to trade the company on Nasdaq, hope the listing will value the ride-hailing firm at as much as $25 billion - two-thirds more than its most recent private funding round.

The Wall Street Journal reports that in the event of an IPO, both companies will offer cash bonuses to drivers - or the option to use that cash toward company stock at its IPO price before it begins trading. "We have a history of net losses and we may not be able to achieve or maintain profitability in the future", it warns.

But Lyft's acquisition of bike-sharing company Motivate for $250.9 million past year is not expected to materially increase revenue in the short term. It was valued at $15 billion earlier past year.

Kochan told CNN Business that it's "clear" that both Uber and Lyft are anxious the drivers will use the IPO filings as "an opportunity raise their voices and ask how will this benefit them".

Canada approves Huawei CFO Meng Wanzhou's extradition, leaves China furious
Several Canadians have been detained in China since Meng's arrest and most of Beijing's public ire has been directed at Ottawa. President Donald Trump suggested previous year that the United States could cut a deal with China to secure Meng's release.

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 per cent and 103 per cent respectively. If all goes smoothly, Lyft's stock market debut will likely occur in late March or early April.

The company claims to have 39 percent market share in the US, up from 22 percent in December 2016.

2018 has not been a good year for the company, as it has announced that its losses for the year will amount to more than $1 billion dollars.

This is a controversial share structure often adopted by tech companies and will see a concentration of voting power among the company's founders, Logan Green and John Zimmer.

The Brits who won Oscars at the 2019 Academy Awards
After a speech like that, how could the internet not be totally in love with Olivia Colman? This is not going to happen again. As long as they're as lovely, funny, hardworking & absurdly gifted as well as a mate for 26 years - you'll feel just fine".

Both Uber and Lyft are now locked in a two-way battle for achieving market dominance in the ride-hailing segment of the US.

Uber is also unprofitable, and in 2018 lost US$1.8-billion before taxes, depreciation and other expenses.

Lyft had 30.7 million riders and 1.9 million drivers in 2018, racking up $8.1 billion in total bookings, the filing shows. Lyft already offers bike and scooter-sharing schemes. Banks have sketched out valuation scenarios for Uber as a public company that stretch as high as US$120 billion, people familiar with the matter have said.

The execs couldn't have given too many rides considering the average Lyft trip is about 6 miles or so, which in San Francisco is a trip from City Hall to Ocean Beach and costs about $20 bucks. Uber and Lyft have been subject to similar attacks on their business model, which classifies drivers as contractors and not employees.

Epic pulls Fortnite ads from YouTube following child exploitation controversy
Vlogger Matt Watson made the allegations in a video posted on YouTube that has been watched almost two million times. Many of these videos were also accompanied by adverts placed by major brands such as Nestlé, Fortnite and Disney.

Matt Kennedy, a senior IPO market strategist at Renaissance Capital, which provides institutional research on public offerings, said that it was possible Uber would bite back and that Lyft's growth would decline. Uber - as well as Waymo, General Motors and others - is working on self-driving vehicles, which they expect to enter the ride-hailing business.

Like this


01 March 2019
Puffer train: Kim's cigarette stop en route to Hanoi
The North wants increased security guarantees, which could come in the form of a declaration of an end to the 1950-53 Korean War. USA concessions could include opening liaison offices or declaring an end to the technical state of war, they say.

27 February 2019
Musk Faces U.S. Contempt Claim for Violating Accord With SEC
The SEC is claiming that the tweet in question is inaccurate and violates the settlement Musk came to with the agency in 2018. Now it's up to the justice system to decide whether to take Musk to task over an ill-turned tweet.

27 February 2019
Michael Cohen Testimony Schedule
According to the Journal, Cohen will detail Mr Trump's " lies, racism and cheating " over a decade of working for him. He said no topics will be off limits and Cohen "should expect to get any question from anywhere about anything".

27 February 2019
Khloe Kardashian Responds To Fans Amid Tristan Thompson And Jordyn Woods Drama
Thompson's first infidelity previous year while Koko was pregnant, was a significant storyline towards the end of last season. That's pretty bad, but it gets worse-he allegedly cheated on his baby mama with Kylie Jenner's bff Jordyn Woods .

26 February 2019
LG V50 ThinQ 5G price, specifications, features, comparison
It runs on Qualcomm's Snapdragon 855 chipset , supported by 6GB of RAM and 128GB of storage , with microSD expansion up to 2TB. Gesture Control begins Hand ID builds into yet another impressive new features on the G8 ThinQ , titled Air Motion.

26 February 2019
Duke and Duchess of Sussex visit stables in Morocco
Prince Harry and Meghan Markle are ready to start a new chapter in their lives. The ambassador's wife, Leah, gave them a traditional rosewater greeting.

25 February 2019
China has banned imports of Australian coal, shocking the AU Dollar
China is one of the country's biggest customers , buying out almost 30 percent of all the coal Australian sends overseas . Some investors linked the restrictions to China's trade war with the US.

25 February 2019
Patriots owner Robert Kraft charged in Florida prostitution sting
Kraft denied in a statement in March of previous year that he's the biological father of Lander's baby. In 1996, two years after he bought the team, it made the Super Bowl under head coach Bill Parcells.

24 February 2019
Vietnam issues traffic ban for Kim's possible arrival route
It will be Kim's second face-to-face encounter with Trump following their first meeting in Singapore in June a year ago . North Korean state media has confirmed that leader Kim Jong Un is on a train to Vietnam for his second summit with U.S.

21 February 2019
Everything Samsung Announced Today At Unpacked 2019
There's a more secure ultrasonic fingerprint scanner and upgraded Wi-Fi 6 for better connections in crowded areas. The Samsung Galaxy S10 and S10 Plus will have a Super AMOLED curved edge-to-edge display design.