Union pension fund adviser CtW Investment Group said on Thursday Lyft Inc '...
NEW YORK/BOSTON - Union pension fund adviser CtW Investment Group said on Thursday Lyft Inc “faces an all-but-insurmountable barrier” to profitability due to issues with the ride-hailing company’s pricing strategy and new regulations driving costs higher.The comments come four days into the roadshow for Lyft’s much-anticipated initial public offering , in which it is seeking to raise around $2 billion at a valuation of up to $23 billion.
This is despite Lyft not having yet turned a profit, reporting a loss of $911 million in 2018, wider than its $688 million loss in 2017. “Over the past three years, Lyft has mimicked Uber’s pay compression strategy, and IPO investors face the risk that the far smaller company will not be capable of sustaining low pay any longer than the market leader could,” CtW Research Director Richard Clayton wrote in the letter.
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