Ride-Hailing Fares up 25% in Q3 Over 2019, but Uber, Lyft Riders Don’t Care

Riders are returning to Uber and Lyft despite higher prices caused by a driver shortage, Reuters reported Monday (Nov. 8). 

“Even with prices being up … we’re seeing that as cities reopen, people start using the product, and they use it a lot,” Uber Technologies Chief Executive Dara Khosrowshahi said, quoted in the report. 

Compared to the same quarter in 2019, average charges were up 25% in the third quarter and those for airport trips had leaped 50%. While the driver supply remains down compared to before the pandemic, Uber and Lyft both said they expected more drivers to return without the companies offering bonuses and incentives.

“I think there is generally more pricing power than anyone ever realized existed in the industry,” Lyft Chief Financial Officer Brian Roberts said, per Reuters.

Khosrowshahi said Uber is “innovating into the demand” for resumed travel. 

Read more: Differing Roads for Uber and Lyft as Pandemic Fades in Rearview Mirror 

As PYMNTS reported earlier this month, Lyft’s earnings showed that during the quarter ended Sept. 30, the number of active riders using Lyft increased 51% year over year to 18.9 million. At the same time, the number of active drivers surged by 45% year on year. 

See also: Uber’s Horizontal Platform Shows Delivery Revenue Growth Outpacing Ride-Hailing Snapback 

Uber’s total gross booking jumped by 57% year over year, standing at $23.1 billion, PYMNTS reported. That helped drive consolidated revenues up 72% year on year to $4.8 billion.

Delivery revenues surged by 92% to $2.2 billion within that line item, edging the 62% growth seen in the mobility segment at $2.2 billion. Freight gained 39% year on year to $402 million.