A number of Uber (UBER.N) and Lyft (LYFT.O) drivers are considering quitting the app-based ride-hailing platforms as fueling up becomes costlier, with some calling the newly announced surcharges “insulting”. The companies announced this month a 55-cent per-ride surcharge that would be paid directly to drivers, in response to record gas prices because of the Ukraine…
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Uber and Lyft are emerging from the pandemic as leaner, lower-cost companies with a long-elusive operating profit and the unexpected power to raise prices without alienating riders. Ride-hail fares have surged to unprecedented levels this year due to a driver shortage. Much to the companies’ delight, riders so far appear undeterred, flocking back to the…
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The rideshare industry continues to make its slow crawl back to pre-pandemic levels with spending down 31.1% relative to 2019 levels for the week ending October 17th, according to data from research and analytics firm M Science. Uber held 71.8% of the total market for the week, while Lyft’s (NASDAQ:LYFT) market share fell to 26.9%.…
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