Investor disappointment at Lyft Inc's growth outlook underscores the pressu...
NEW YORK - Investor disappointment at Lyft Inc’s growth outlook underscores the pressure for rival Uber Technologies Inc to show potential backers of its initial public offering that it can expand services such as food delivery even as its core ride-hailing slows down.
Uber, though, has bet on a broader range of services and markets than Lyft, comparing itself recently to Amazon.com Inc , which did not turn a profit until several years after its IPO. A person familiar with Uber’s discussions with investors said the potential for Uber Eats in particular was resonating with investors. Uber’s IPO is more than three times oversubscribed, the person familiar with the matter said.
Uber and Lyft are racking up enormous losses, both reporting first-quarter net losses of around $1 billion.
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