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Lyft touts fast revenue growth amid rivalry with Uber

Photo: Lyft

Lyft says that in 2017 Q4 it saw 168% in GAAP (generally accepted accounting principles) revenue growth year-over-year, and that it brought "over $1 billion" in GAAP revenue for the whole year.

Why it matters: While Lyft continues to deny IPO rumors, it's not surprise that the ride-hailing company is touting numbers that show it's growing and doing well. Though it's still much smaller than rival Uber, the company is definitely pushing the narrative that it's growing faster (it sent reporters a chart comparing the two).

  • Lyft also says that as of 2018, its drivers complete 10 million rides in the U.S. per week.
  • It says that it's reduced its sales and marketing spend by 20% between 2017 Q4 and 2018 Q1, though it's hard to tell the exact impact this has on its overall spending and losses. Lyft declined to provide more details about its spending or losses.
  • For context, according to an investor document Bloomberg obtained in November, Lyft lost $606 million against $708 million in net revenue in 2016.

Also: Here are Uber's (much more complete) financials for 2017.

Erica Pandey 1 hour ago
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How China became a powerhouse of espionage

Illustration: Sarah Grillo / Axios

As China’s influence spreads to every corner of the globe under President Xi Jinping, so do its spies.

Why it matters: China has the money and the ambition to build a vast foreign intelligence network, including inside the United States. Meanwhile, American intelligence-gathering on China is falling short, Chris Johnson, a former senior China analyst for the CIA who's now at the Center for Strategic and International Studies, tells Axios: "We have to at least live up to [China's] expectations. And we aren't doing that."

Caitlin Owens 1 hour ago
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Congress doesn't love the spending bill, but it passed anyway

Congressional leaders
Speaker Paul Ryan, Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, and House Minority Leader Nancy Pelosi. (Photo: Matt McClain / The Washington Post via Getty Images)

House Speaker Paul Ryan touted the defense spending increase, Sen. Rand Paul angrily tweeted about arcane government spending, and Democrats shook their head at the lack of gun control measures. But most members of Congress accepted the omnibus spending bill for what it is: A giant collection of what has to get done to keep the government functioning, while mustering enough votes to pass.

Why it matters: This is a $1.3 trillion dollar bill affecting every branch of government that passed mostly because it had to. Members voted on it without really reading it, as it was released Wednesday night and passed the Senate shortly after midnight Friday.