Lyft turnover dramatically rises on the back of Uber's challenging year

The American ride hailing app Lyft has seen revenue grow dramatically according to figures relating to the first half of 2017.

The private hire operator famous for its pink moustache seems to have taken advantage of Uber's challenging year.

According to reports from The Information, financial reports show Lyft turning over $483 million in the first half of 2017 in stark contrast to the $150 million in the previous time period. As a result of the improved turnover Lyft's losses also improved. Losses of $206 million were recorded for the first part of 2017 compared to $283 million in the subsequent time period. Each Lyft ride is subsidised to the tune of $1.20. In comparison with Uber, third quarterly losses have widened from $1.06 billion to $1.46 billion. Lyft have recently applied for an operators licence in London. However, it seems the ongoing legal action against Uber has halted any new applications within the capital.