business / news / / The Mercury News
San Francisco-based Lyft has been on a buying spree to catch up with much-larger rival Uber Technologies Inc. The company has been working to integrate the European taxi app Freenow since buying it last year and this week closed its acquisition of UK taxi app Gett.
Lyft's Q1 earnings missed estimates due to costs from integrating recent acquisitions like Freenow and Gett.
KEY POINTS
- Lyft completed its acquisition of UK taxi app Gett this week, expanding its international presence.
- Gross bookings for the next quarter are projected to surpass analyst expectations, reaching up to $5.43 billion.
- High-value rides for Lyft, including luxury and chauffeur services, have increased by 35% year-over-year.
- The Q1 ride count was 236.9 million, missing estimates partly due to Northeastern US storms.
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