Uber shares up 6% as it revises its outlook higher

Uber on Tuesday revised its financial outlook for the third quarter, with bookings and adjusted earnings now expected to be better than first reported. The San Francisco-headquartered firm said in an SEC filing that now expects to report between $22.8 billion and $23.2 billion in gross bookings for the current quarter, adjusted from the $22… Continue reading Uber shares up 6% as it revises its outlook higher

Uber is selling stakes in several Russian businesses for $1 billion

Uber is selling shares in several joint ventures that it has with Russia’s Yandex for $1 billion in cash. The deal, announced on Tuesday, will see Moscow-headquartered Yandex buy out Uber and gain full control of food delivery service Yandex.Eats, grocery delivery service Yandex.Lavka, and logistics firm Yandex.Delivery. Uber currently has a 33.5% stake in… Continue reading Uber is selling stakes in several Russian businesses for $1 billion

Uber and Lyft rides are more expensive than ever because of a driver shortage

The cost of a ride from a ride-sharing app like Uber or Lyft increased 92% between January 2018 and July 2021, according to Rakuten Intelligence. Many riders have also noticed increased wait times for rides. The main reason is a shortage of drivers. In early July 2021, Uber and Lyft drivers were about 40% below… Continue reading Uber and Lyft rides are more expensive than ever because of a driver shortage

Lyft, Uber stocks fall after court says gig worker push is unconstitutional

Shares of Uber and Lyft traded lower in the premarket Monday after a California court ruled that Prop 22, a ballot measure that exempted gig workers from state labor law, was unconstitutional. Uber was down more than 3.2% in premarket trading, while Lyft dipped nearly 3.4%. Alameda County Superior Court Judge Frank Roesch wrote in… Continue reading Lyft, Uber stocks fall after court says gig worker push is unconstitutional

Why many Uber and Lyft drivers aren’t coming back

After a dramatic decline in traveling this past year, people are moving again. Yet, despite offering cash incentives, rideshare giants Uber and Lyft are still struggling to bring drivers back to full speed, leading to longer wait times for customers and soaring prices. Uber and Lyft have put millions into these efforts, but some former… Continue reading Why many Uber and Lyft drivers aren’t coming back

Uber is buying the rest of grocery delivery start-up Cornershop

Uber is acquiring the remaining 47% interest in grocery delivery start-up Cornershop in an all-stock transaction, the company said Monday. The acquisition shows how Uber is investing more outside its core ride-hailing business, which has so far failed to prove profitable. Shares of Uber were up about 0.66% before markets opened on Monday. The deal… Continue reading Uber is buying the rest of grocery delivery start-up Cornershop

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Uber ordered to pay $1.1 million after blind woman and her dog were denied rides more than a dozen times

Ride hailing company, Uber has been ordered to pay $1.1 million after a court ruled that the company’s drivers discriminated against a blind woman and her guide dog on more than a dozen separate occasions. Lisa Irving, a California resident, said she was denied rides or verbally abused by drivers 14 times in 2016 and… Continue reading Uber ordered to pay $1.1 million after blind woman and her dog were denied rides more than a dozen times

Microsoft, Facebook, Uber Plan To Reopen Offices

FILE - In this April 14, 2020 file photo, the thumbs up Like logo is shown on a sign at Facebook headquarters in Menlo Park, Calif. Facebook’s quasi-independent oversight board issued its first rulings on Thursday Jan. 28, 2021 overturning four of five decisions by the social network to take down questionable content. (AP Photo/Jeff Chiu, File)

Facebook, Microsoft and Uber have announced plans to reopen offices on a limited basis, as the spread of the coronavirus pandemic continues to slow. Microsoft and Uber say their headquarters in Redmond, Wash., and San Francisco respectively will welcome employees on March 29. The software giant has already begun to accommodate some additional workers in… Continue reading Microsoft, Facebook, Uber Plan To Reopen Offices

Uber loses a major employment rights case as the UK’s top court rules its drivers are workers

Uber lost a crucial legal fight in the U.K. on Friday as the country’s Supreme Court upheld a ruling that its drivers are workers, not independent contractors. Judges voted unanimously to dismiss Uber’s appeal against the ruling. The decision could have huge implications for Uber’s U.K. business, as well as the wider gig economy. Shares… Continue reading Uber loses a major employment rights case as the UK’s top court rules its drivers are workers

Uber wins back London licence despite ‘historical failings’

Uber has won a legal bid to restore its London operating licence which was taken away over safety concerns, after a judge ruled on Monday that the company was a fit and proper operator. Transport for London (TfL) refused to grant the Silicon Valley-based company a new licence in 2019 due to what it called… Continue reading Uber wins back London licence despite ‘historical failings’