Lyft eyes profitability as it triples its yearly ridership numbers

Ride-hailing service Lyft Inc. said this week that it is on a path to profitability and had more than doubled its quarterly ridership from the year prior, as it trims incentives and tripled its total rides in 2016. “We will significantly take down our [cash] burn rate in 2017,” John Zimmer, the president and co-founder of Lyft, told the Wall Street Journal in an interview. Zimmer added that Lyft is ending many incentives for drivers, including payments for working during peak times or for using the company’s navigational app.