To get a sense of how the pandemic can affect companies differently – even competitors in the same vertical, jockeying for position, for mindshare, for wallet share – consider the recent earnings reports from two juggernauts in the ride-hailing space. That would be Uber and...
On the surface, it might look like Uber is heading off in two different directions as it readies for its earnings announcement slated for tonight (May 7). On one hand, Uber announced today that it is “leading” a $170 million investment in Lime, which rents...
Silicon Valley rideshare giant Uber is reducing its workforce by roughly 14 percent — about 3,700 people — as the coronavirus pandemic and stay-home mandates reduce the demand for rides, according to a Wednesday (May 6) regulatory filing. Uber CEO Dara Khosrowshahi is giving up...
With social distancing still in effect to varying degrees nationwide, the ridesharing market has slowed virtually to a stop. Consumers staying home have very little need to order an Uber to get to their living room. The company announced 3,700 layoffs and its CEO isn’t...
California Attorney General Xavier Becerra, along with municipal attorneys from three cities in the state, is suing Lyft and Uber for allegedly misclassifying drivers as independent contractors. The attorney general and city attorneys claim the move deprives drivers of workplace protections, and the group is pursuing restitution, civil...
Dubai-based Careem, a subsidiary of Uber which performs similar ride-hailing business, announced it would be laying off 31 percent of its workforce due to the coronavirus, or 536 jobs total. The company said it made the decision as it was “prioritizing the security of the...
Drivers for Uber will soon be required to wear masks in several countries, including the U.S., the company said. Representatives for Uber confirmed that this policy had been voted into action at a recent meeting. Masks are highly recommended by healthcare professionals as a way...
Lyft, the San Francisco-based ridesharing company, has laid off 17 percent of its workforce and imposed salary reductions for executives for three months, CNBC reported. The company said it will lay off 982 employees and furlough an additional 288 to trim operating costs due to...
The ongoing coronavirus pandemic has caused Uber to withdraw its 2020 guidance as it anticipates a $1.9-$2.2 billion impairment charge and $17-22 million in first-quarter losses. “Given the evolving nature of COVID-19 and the uncertainty it has caused for every industry in every part of...
