Lyft designs, markets, and operates a mobile application that matches drivers with passengers who request rides.
Lyft, Inc. is a transportation network company (TNC) based in San Francisco, California and operating in 640 cities in the United States and 9 cities in Canada. It develops, markets, and operates the Lyft mobile app, offering car rides, scooters, and a bicycle-sharing system.
Lyft is the second-largest TNC with a 30% market share in the United States, according to Second Measure.
Most jurisdictions regulate TNCs and TNCs are banned from operating in some jurisdictions. For more information, see Legality of TNCs by jurisdiction.
Bolt has intimated plans to become profitable in 2024 and leverage its African presence, while mulling a potential public listing in 2025.
The partnership with Uber comes as Stripe started experiencing slower growth.
The verdict has helped bolster the recovery of both Uber and Lyft stocks in the pre-market today.