Lyft executive says on track to hit $1 billion in gross revenue

By Heather Somerville SAN FRANCISCO (Reuters) - Ride-hailing app Lyft, Uber Technologies Inc's [UBER.UL] biggest competition in the United States, expects to reach $1 billion in gross annual revenue, the company's co-founder told Reuters. Hitting a $1 billion run rate suggests privately owned Lyft has increased market share in some U.S. cities, despite competition from Uber, a larger and better-financed ride-hailing app. Lyft's net revenue was estimated at $130 million in 2014, according to comp