Lyft Inc.âs bookings and ridership surged in the first quarter, suggesting the company benefited from user defections and management turmoil at larger rival Uber Technologies Inc.
Lyft also told investors in fundraising documents obtained by Bloomberg that it was beating internal growth targets, an encouraging sign for the No. 2 U.S. ride-hailing company.
Even so, the startup has a long way to go to meet its goal of profitability by 2018, with first-quarter losses easily topping $100 million.
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