Lyft CEO says "better service" will help it compete with Uber

Lyft CEO David Risher told Fortune #BrainstormTech that "better service" will help with ride-sharing company compete with rival Uber.

Transcript

00:00Uber is a global 500 company, a fortune 500 company.

00:03You're not. What will it take to catch up?

00:08Better service. So here's the thing.

00:10So I took on this job about two and a half years ago.

00:14We were losing share. Our prices were too high.

00:17We weren't paying our drivers enough.

00:19We were picking up too slow. We're down to about 26% share.

00:23In the last two and a half years, we have lowered prices.

00:27We have improved driver pay. I'll come back to that in a second.

00:30We pick you up faster than the other guy.

00:32I think I know who you're talking about, those guys.

00:34Yeah, yeah, yeah.

00:35We went from losing money to now we printed about $930 million of free cash the last 12 months.

00:40So we've taken ourselves and we've got great, great service and it's only going to get better.

00:44And that's the way we're going to compete.