Uber’s IPO Filing Shows How Much of a Lead It Has on Rival Lyft
In the race for ride-hailing dominance, Uber is officially in the pole position, out-pacing rising competitor Lyft by more than $9 billion in revenue and at least 60 million users.
That’s the big takeaway from Uber’s S-1, after the San Francisco-based company has filed its initial public offering paperwork with the Securities and Exchange Commission on Thursday. Uber stock, which will trade on the New York Stock Exchange within weeks, is reportedly seeking to fetch the company a $100 billion valuation, which is lower than initial reports. Beyond ride-hailing, Uber also operates meal-delivery service Uber Eats, shipping service Uber Freight.
While the company has dominated the ride-hailing market since its inception in 2009, it has struggled with big public controversies like spying on its closest competitor, Lyft, deceiving regulators, and promoting a sexist workplace culture under former CEO Travis Kalanick, the latter allowing Lyft to swoop in and boast a cleaner image with an “uplifting culture.”
But Lyft is no mere also-ran. The first of the rival ride-hailing companies to IPO, it started trading on the Nasdaq on March 29 with an opening stock price of $87.24. On Thursday, Lyft stocks closed up 1.48% at $61.01 per share.
Tomorrow’s another story for Lyft. But today, Uber’s latest public filing outlines the clear advantages the market leader holds over its rival:
Uber: $11.3 billion
Lyft: $2.2 billion
Uber: $1.85 billion (Adjusted EBITDA loss)
Lyft: $911 million
Uber: 700+ (globally)
Lyft: 300+ (across U.S. and Canada)
2018 Booking revenue from ride-hailing service
Uber: $41.5 billion
Lyft: $8.1 billion
Users in 2018
Uber: 91 million (including other services like Uber Eats)
Lyft: 30.7 million
Drivers in 2018
Uber: 3.9 million
Lyft: 1.9 million
Rides in 2018
Uber: 5.2 billion (includes scooter and bike rides, Uber Eats deliveries)
Lyft: 619 million