Lyft outpaces Uber in revenue growth

Lyft’s revenue growth is nearly three times that of Uber’s, CNET reported.

The ride-hailing company’s financial report for the fourth quarter of 2017 showed its revenue growth was 168%, while Uber’s was up 61% in the same period.

Lyft’s total annual revenue is still significantly lower than Uber’s, with the companies bringing in $1 billion and $2.2 billion in 2017 respectively.

Lyft said it plans to continue increasing its revenue growth in 2018 by cutting sales and marketing costs.

The company is currently serving over 10 million rides per week to customers.

Now read: Lyft is gaining ground on Uber in the United States

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Lyft outpaces Uber in revenue growth