AP Business Writer
NEW YORK (AP) — Lyft is still losing staggering sums of money as it barrels ahead with impressive revenue growth, but its executives said they believe the company will turn a corner and reach profitability in about two years.
The ride-hailing heavyweight brought in $955.6 million in revenue in the third quarter, up 63% from the same time last year, the company said Wednesday. That beat expectations of analysts polled by FactSet.
But San Francisco company lost $463.5 million in the quarter compared with a $249.2 million loss a year ago. More than half of the loss came from stock-based compensation and payroll tax expenses related to its initial public offering.
On the bright side, Lyft's executives emphasized they believe the company will turn a pr