Lyft logged record rides in May but expected the numbers to be flat or lower in June, according to a leaked memo to investors.

The ride-hailing app, which reportedly has hired the investment bank Qatalyst Partners to raise cash or possibly sell itself, recently told investors it beat internal targets for second-quarter rides by 35 percent.

Rides in May totaled 12.7 million, four times the year-ago figure and up 11 percent from April, the memo said.

Paid rides, however, were up only 5 percent from April, as Lyft has been giving away rides in a scramble to steal customers from its bigger rival, Uber.

Lyft said its annualized revenue run rate climbed to $1.9 billion in May, up from $1 billion in November.

Meanwhile, Lyft reiterated that it expects to lose no more than $600 million this year.

Lyft said June rides would be hit by “seasonality headwinds” as college campuses emptied for the summer; and by its exit from Austin, Texas, which in early May passed new rules that require fingerprinted background checks for drivers.

On Monday, Bloomberg reported that Lyft is exploring a possible sale that could fetch as much as $5.5 billion, its latest valuation by private investors.