Uber, Lyft to Exit Minneapolis After Minimum Wage Vote
PYMNTS.com » Lyft
by PYMNTS
1w ago
Uber and Lyft will reportedly halt their operations in Minneapolis after the city council voted to require that drivers be paid a minimum wage of $15.57 per hour. The rideshare companies said they will stop operating there on May 1, Reuters reported Friday (March 15). Uber said it was “disappointed” in the city council’s decision and said the move will put 10,000 people out of work. Lyft said the law passed by the council is “deeply flawed,” according to the report. Online platforms may be shaken by wage hikes and new regulations impacting the ways in which gig workers are classified, PYMNTS r ..read more
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Uber Looks to Tap Into India’s Scooter and Motorbike Market
PYMNTS.com » Lyft
by PYMNTS
1M ago
Uber reportedly wants to move deeper into India’s two- and three-wheeled vehicle market. Speaking during an event Thursday (Feb. 22) in Bangalore, CEO Dara Khosrowshahi said the company was trying out services from scooters to motorbikes in what he referred to as his “toughest market,” providing a blueprint for expansion in other countries, per a report by Bloomberg News.  The report noted that Khosrowshahi is an infrequent visitor to India, which represents one of Uber’s larger markets, especially after the company had pulled out of China and Southeast Asia.  Ube ..read more
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InDrive Says Transparent Ride-Hailing Pay Structure Will Ensure Fair Compensation for Drivers
PYMNTS.com » Lyft
by PYMNTS
1M ago
The emergence of ridesharing platforms such as Uber and Lyft has not only transformed commuting habits but also reshaped the gig economy landscape, granting drivers unprecedented levels of flexibility and autonomy. However, complex gig economy pay models, unlike the straightforward fixed salaries and benefits of traditional employment, have triggered both criticism and legal disputes around driver classification and the perceived lack of adequate compensation for their time and expenses. Read more: Uber and Lyft to Pay $328 Million Settlement for Withholding Driver Pay ..read more
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Uber, Lyft Differences Boil Down to Transportation vs End-to-End Mobility
PYMNTS.com » Lyft
by PYMNTS
1M ago
Uber and Lyft’s most recent earnings reports spotlight a widening divergence in approach in business models. At first glance, there’s a core focus for both firms: That would be matching the supply and demand for movement, of course, for drivers and customers to link up across platforms. But beyond that broad concept, Uber and Lyft have taken different roads. Lyft is, arguably, in the transportation business, while Uber is increasingly endeavoring to broaden logistics and mobility, crafting end-to-end connections across a variety of use cases. Continued Demand for Ride-Hailing Gross bookings in ..read more
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Lyft Says ‘Continuous Innovation’ of App Earns Record Annual Ridership
PYMNTS.com » Lyft
by PYMNTS
1M ago
Lyft says differentiated offerings on its app helped drive its annual ridership to the highest level in the company’s history. For full-year 2023, the rideshare platform had more than 40 million active riders, defined as riders who took at least one ride during that period, Lyft said in a Tuesday (Feb. 13) earnings release. In the fourth quarter, Lyft had 22.4 million active riders who took a ride during that three-month span, the release said. That total was up 10% year over year. “Continuous innovation gives riders and drivers differentiated reasons to choose Lyft and increases their pr ..read more
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Rideshare, Delivery Drivers to Strike on Valentine’s Day
PYMNTS.com » Lyft
by PYMNTS
1M ago
An organization representing rideshare drivers and delivery workers is organizing a strike on Valentine’s Day (Wednesday, Feb. 14). Justice for App Workers is calling on drivers to not take rides to or from airports in 10 markets, according to a page on its website dedicated to the strikes. “Uber, Lyft and delivery drivers are tired of being mistreated by the app companies,” the group said on the site. “We’re sick of working 80 hours/week just to make ends meet, being constantly scared for our safety, and worrying about being deactivated with the click of a button.”  Thousa ..read more
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Lyft Guarantees Rideshare Drivers 70% or More of Fare
PYMNTS.com » Lyft
by PYMNTS
1M ago
Lyft said it has made several improvements for drivers in its latest product update, the Early 2024 Release. The rideshare platform’s latest release addresses key concerns such as earnings, deactivations and safety, Lyft said in a Tuesday (Feb. 6) blog post. “We take driving as seriously as drivers do,” David Risher, CEO of Lyft, said in the post. “That’s why we spend so much time listening to drivers and getting behind the wheel ourselves. We’ve heard lots of feedback around consistent themes — earnings, deactivations and safety — and we’re taking action to address them.” One of the standout ..read more
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Nomura Downgrades Uber and Lyft After Outsized Gains in 2023
PYMNTS.com » Lyft
by PYMNTS
1M ago
While ridesharing giants Uber and Lyft experienced significant growth in revenue in 2023, they reportedly facechallenges in 2024. For different reasons, financial services group Nomura recently downgraded both Uber and Lyft, Seeking Alpha reported Friday (Dec. 29). Uber, the dominant player in the ridesharing industry, reported an 11% increase in revenue in the third quarter of 2023 compared to the previous year, according to the report. This growth contributed to Uber’s overall strong financial performance and was reflected in its share price, which increased by 141% in 2023. Lyft showed a 10 ..read more
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DoorDash Trails Uber Driver in Latest Provider Ranking of Gig Platform Apps
PYMNTS.com » Lyft
by PYMNTS
1M ago
The gig economy allows workers control over their own employment while offering consumers choice and convenience. PYMNTS Provider Ranking of Gig Platform Apps, which uses monthly metrics to score related apps based on channel coverage, up-to-date downloads, average users and more, shows which of these apps are the most popular. This month, many of the apps hold their spots in the rankings, but Instawork climbs two places. Here’s how the top 10 shake out. The Top 5 Uber Driver stays at No. 1 with a score of 94. With a score of 84, DoorDash trails at No. 2. Fiverr is No. 3, scoring 77. Etsy ..read more
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Alphabet Sheds Entire Stake in Trading App Robinhood
PYMNTS.com » Lyft
by PYMNTS
1M ago
Google parent Alphabet has sold off all of its shares in trading app Robinhood. The tech giant in August had sold about 90% of its stake in Robinhood, and said in a recent filing with the Securities and Exchange Commission (SEC) that it had dissolved its holdings. Alphabet also sold off its holdings in rideshare service Lyft. The sale was first reported by Reuters Monday (Nov. 13), with the news outlet also noting that Alphabet had invested in Robinhood before the latter company went public, but after the platform had caught the notice of retail traders. More rece ..read more
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