What a week it’s been for private equity!
For the first time since it’s inception, Lyft surpassed Uber in app downloads in the US over the past weekend. According to App Annie, the San-Francisco based analytics firm, the rise in Lyft users could have been the result of the #DeleteUber campaign, which arose via social media after President Trump’s recent immigration ban. Lyft shot up to #7 on the Apple Free Apps Chart by the end of Sunday, after starting Saturday morning at #39. Uber users screenshotted themselves deleting the Uber app in response to the recent political movements occurring across the US. Back in December, Uber’s CEO Travis Kalanick was named to Trump’s panel of economic advisors.
Snapchat has officially filed for IPO. 5 years after launching Snapchat, its parent company Snap Inc. filed for an IPO on the NYSE on Thursday, Feb. 2, 2017, choosing the ideal ticker symbol ‘SNAP’. The company hopes to raise $3 billion. The company reported a 2015 revenue of $58.7 million, and $404.5 million for 2016.
The popular home-sharing app Airbnb reached profitability in the second half of 2016, and Bloomberg reports that it looks like it can sustain that through 2017. Airbnb has a smart method of generating revenue. While taking a commission of 6 to 12 percent from guest fees, the company also doesn’t have to worry about cleaning fees or maintaining properties. Revenue at Airbnb increased more than 80 percent in 2016.
Photo courtesy of Lyft Press