33.45 +0.23 (0.69%)
After hours: 7:55PM EDT
|Bid||33.34 x 3000|
|Ask||33.50 x 1000|
|Day's range||32.05 - 33.50|
|52-week range||14.56 - 68.33|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||N/A|
|Earnings date||05 Aug 2020 - 10 Aug 2020|
|Forward dividend & yield||N/A (N/A)|
|1y target est||41.58|
Tesla is now the most valuable car maker “of all time”. And with combined market caps of some $70 billion, Uber and Lyft are also severely disrupting the giant auto industry
By John Jannarone goPuff’s delivery volume rose 400% in the first half of 2020, according to sources goPuff now reaches 500 cities through over 200 distribution facilities Raised $1 billion from investors including Accel and SoftBank Vertical integration provides better customer experience and margins goPuff’s rapid expansion gives it head start and wide moat versus […]
Lyft's self-driving vehicle division has restarted testing on public roads in California, several months after pausing operations amid the COVID-19 pandemic. Lyft’s Level 5 program said Tuesday some of its autonomous vehicles are back on the road in Palo Alto and at its closed test track. The company has not resumed a pilot program that provided rides to Lyft employees in Palo Alto.
Urban transportation's transformation has shifted up a gear as the coronavirus crisis turns travel habits on their head, with Uber making allies of public transit systems by now offering to sell them its software expertise. This means Marin County's Transportation Authority will next month allow passengers in the San Francisco Bay area to book a trip through the Uber app, but rather than someone's private car they will ride wheelchair-accessible public vans. From the streets of Utah's Salt Lake City to Missouri's St. Louis and New Jersey's Jersey City, more than 120 U.S. transit agencies have launched collaborations with ride-hail firms in the past two years, data analyzed by Reuters shows.
The New York City Council on Thursday approved several bills that will legalize the private use of electric scooters and bicycles in the city's five boroughs, a change long-sought by food delivery workers and transportation advocates. The city will also create a shared electric scooter pilot program that will allow e-scooter companies to apply for permits to operate in the city, with the exception of Manhattan. The pilot program is scheduled to start by May 2021 and is expected to last no more than two years, according to the bill.
Uber (UBER) might be forced to pay for worker benefits and other protections, in case a preliminary injunction is ordered by a California state judge.
(Bloomberg) -- California is escalating its fight with Uber Technologies Inc. and Lyft Inc. over a new state law designed to give gig-economy workers employee benefits, including health care and overtime pay.Saying it’s time for the ride-hailing platforms to “play by the rules,” California Attorney General Xavier Becerra said Wednesday that state and local officials will seek a court order to immediately enforce Assembly Bill 5, which tightens standards on how employers classify workers. The move comes after California sued the two San Francisco-based companies in May for unlawfully misclassifying drivers as independent contractors.If California persuades a state judge to order a preliminary injunction, Lyft and Uber would be forced to pay for worker benefits and workplace protections while the legal dispute proceeds. Those added costs would be a significant setback to the companies while they are already reeling from revenue losses and layoffs amid the coronavirus pandemic.“It’s time for Uber and Lyft to own up to their responsibilities and the people who make them successful: their workers,” Becerra said in a statement. “Misclassifying your workers as ‘consultants’ or ‘independent contractors’ simply means you want your workers or taxpayers to foot the bill for obligations you have as an employer -- whether it’s paying a legal wage or overtime, providing sick leave, or providing unemployment insurance.”Read More: Uber, Lyft Sued by California in Major Gig-Economy CrackdownUber, Lyft and other companies such as DoorDash Inc. which use a labor model that similarly relies on independent contractors are to set to announce Thursday they will place a counter-measure on the state’s November election ballot to exempt drivers from the new California law.Most Uber drivers want to work independently and the company has changed its app to abide by California law, a company spokesman said. “When over 3 million Californians are without a job, our elected leaders should be focused on creating work, not trying to shut down an entire industry,” the spokesman said.Lyft said it will fight the state’s injunction request.“We believe the courts should let the voters decide,” company spokeswoman Julie Wood said. “Trying to force drivers to give up their independence 100 days before the election threatens to put a million more people out of work at the worst possible time. It would be incredibly harmful to millions of people and the California economy to grant this motion 100 days before the voters decide.”The state argued that misclassification of workers by Uber and Lyft burdens taxpayers because the lack of benefits makes drivers turn to government-funded income support programs. Becerra is backed in the legal fight by the city attorneys of Los Angeles, San Diego and San Francisco.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- The latest rideshare data shows the first sign of softness since April as coronavirus cases continue to grow in states where Lyft Inc. and Uber Technologies Inc. do business.Weekly average users contracted in the U.S. for the week ended June 21, according to Evercore analyst Benjamin Black, who characterized the early signs of softness as a “clear setback” to recovery hopes. Shares of Lyft and Uber fell about 2% in early trading, while car rental company Avis Budget Group declined 5%.“Fears of a second wave are clearly weighing on most travel stocks, and rideshare names are not immune,” Black said. “Though officials have so far ruled out a second lockdown, the rising caseload could still slow volume recovery.”Evercore’s app tracker shows that combined weekly average user data are now down 68% year-over-year, the analyst said, with Uber down 63% and Lyft down 74%. The discrepancy in their respective performance may have to do with exposure to hot-spot states. Arizona, California, Florida and Texas account for roughly 35% of total U.S. gross bookings, with those states making up 15% of Uber’s total rides compared to Lyft’s 45%.There’s hope yet. App downloads are still ticking up, which are now back to 60% of normalized levels in the U.S., Black said.Another positive specific to Uber: subscription software. Uber secured a new source of high-margin subscription revenue in a recent partnership with Marin County in the San Francisco Bay area. Uber app users there will see more ride options, including on-demand ride service specific to Marin and receive discounts for Uber rides to local transit hubs.The two-year, $80,000 contract is modest, Black said. However, if it leads to similar city partnerships, that may be a feather in the cap concerning new revenue streams for the company.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Lyft is using data collected from drivers on its ride-hailing app to accelerate the development of self-driving cars. Lyft's Level 5 self-driving car program is using the data to build 3D maps, understand human driving patterns and improve simulation tests — all tools needed to push their autonomous vehicle technology forward, according to a blog post on Tuesday. The program is taking data from select vehicles in its Express Drive program, which provides rental cars and SUVs to drivers on its platform as an alternative to options like long-term leasing.
Lyft has agreed to settle a lawsuit from the U.S. Department of Justice that alleges the ridesharing company discriminated against disabled people -- specifically those who use foldable wheelchairs or walkers. One complainant, known as J.H. in the suit, alleged Lyft drivers denied giving him a ride on several occasions because of his collapsible wheelchair. As part of the settlement, Lyft has agreed to pay $42,000 to the four complainants and $40,000 to the U.S. Treasury.
Some promising ventures may succumb to unfortunate circumstances, but the economic crisis also reveals which early-stage companies can draw on the effective leadership and sustainable business model necessary to weather a downturn, says Stephanie Mehta, the editor-in-chief of business publication Fast Company.
In light of the police killings of George Floyd, Breonna Taylor, Tony McDade and Rayshard Brooks, as well as the killing of Ahmaud Arbery, Juneteenth has quickly made its way onto the radar of tech companies. In the last couple of weeks, many tech companies have announced plans to make Juneteenth an official holiday for employees or recognize the day in some other way. Jack Dorsey, CEO of Square and Twitter, was the first major tech CEO to announce that Juneteenth would be a paid holiday for employees.
In another up for technology shares, software companies saw their values reach new heights today. The day's trading comes after a sell-off last week eased some of technology companies' rebounds from their COVID-19 lows; stocks in tech companies have more than made up for their early-year declines in mid-2020, with the Nasdaq reaching 10,000 points before giving up some ground. Today the Nasdaq Composite index rose 0.15% to 9,910.53 points, just a few bips short of its all-time highs.
(Bloomberg) -- Uber Technologies Inc. is getting into software. The company is making the technology that powers its ride-hailing business available to others, starting with public transit agencies.California’s Marin County transportation providers are the first customers to buy access to Uber’s software in a deal the company announced Wednesday. The tie-up represents a potential new revenue stream for Uber at a time when the company could use it.“This is not a one-off. This is a new product and a new business,” said David Reich, head of Uber Transit, adding that the company intends to partner with other transit agencies in the future. “Together we want to make car ownership a thing of the past.”But the effort is starting small. The program, called Marin Connect, will power logistics for just four wheelchair-accessible vans when it begins on July 1. Teaming up with Marin Transit and the Transportation Authority of Marin, it will also make public transit schedules and discounts available within the Uber app in the county, and will offer vouchers for riders traveling the last mile to their destinations from transit stops.The two-year deal will cost $80,000, said Nancy Whelan, the General Manager of Marin Transit. “We pilot a lot of things,” Whelan said. “We try to stay nimble.” Marin Transit has also worked with transportation tech companies Lyft Inc. and Via in the past.Uber has had a rocky year since its initial public offering last spring. With only a few exceptions, Uber shares have consistently traded below their 2019 IPO price. Investor faith in the company has further dipped during the pandemic after shelter-in-place orders decimated its ride-hailing business and delayed its ambitions to turn a profit.With no clear timeline for returning to pre-pandemic demand levels, the San Francisco-based company last month slashed 25% of its workforce, shut dozens of offices around the world and is abandoning -- or considering abandoning -- all of its non-core businesses. Surging demand for food delivery has been a bright spot for Uber, but its recent attempt to purchase Grubhub failed. Rival Just Eat Takeaway.com NV agreed to buy Grubhub last week, creating one of the world’s largest meal delivery companies, ready to battle Uber for leadership in North America.Uber’s effort to re-purpose its software for others to use has been years in the making, according to Reich. Although the first deal is small, it could be the start of a reliable revenue stream in the future in the form of long term contracts. Uber is now talking with dozens of transit agencies around the world, Reich said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The Lyft Inc (NSQ:LYFT) share price has risen by 28.6% over the past month and it’s currently trading at 36.71. For investors considering whether to buy, hold...
DoorDash is facing a lawsuit from San Francisco District Attorney Chesa Boudin for "illegally misclassifying employees as independent contractors," Boudin tweeted today. In the complaint, Boudin argues DoorDash misclassified its workers and in doing so, engages in unfair labor practices. "Misclassifying workers deprives them of the labor law safeguards to which they are entitled, denying workers minimum wage and overtime pay, unemployment insurance and protection from discrimination, among other things," Boudin said in a press release.
(Bloomberg) -- France will consider proposals to protect gig workers after pandemic lockdowns pushed the status of people who rely on tech platforms for their income to the forefront.French Prime Minister Edouard Philippe has appointed a group of nine experts to suggest increased protection for platform workers, such as Uber Technologies Inc. and Deliveroo drivers, and others by October, according to a copy of the request made public by one of the members.“The virus crisis has made the situation of frontline people visible and politicians see the need to respond to it,” said Nicolas Brien, chief executive officer of France Digitale, an industry group that represents more than 1,500 French and European startups and is part of the group drafting proposals. “We are talking about ‘invisibles,’ and there are very few documented studies or estimates about them across the continent.”The group’s been asked to examine opportunities to enhance social protections, transparency from companies about their agreements with workers and workers’ access to profits. It won’t write a new bill for workers, but will suggest a series of measures to modify labor rules, Brien said.A representative for the French government didn’t respond to a request for comment.“The debate on the status and conditions of activity of the self-employed is a subject to which we have been contributing in France and throughout the world for several months,” an Uber spokesperson said. “We are committed to continuing to guarantee the independence and flexibility so much appreciated by drivers and delivery drivers while developing their social protection and existing mechanisms for dialog.”Read More: Gig Economy Companies Are Facing Twin Crises: Fully Charged“Riders who choose to work with us tell us that they want the freedom and flexibility to choose when, where and whether to work, balanced with security. Deliveroo provides security to riders in France in the form of free accident insurance and sick pay, but we would like to go further,” a spokesman for Deliveroo said. “Deliveroo has long argued that we want to provide more protection to riders without this impacting the flexibility that comes with self-employment. We look forward to continuing to work with the French government on this issue.”The results may also be presented to the European Commission, the bloc’s executive body, as it prepares its own initiative to improve the labor conditions of platform workers set to be unveiled as early as 2021. The EU in early June opened up a public consultation, inviting comments from the public about its plans for platform regulation as well as their views on the challenges faced by self-employed platform workers.France’s initiative feeds into a broader push back against gig-economy platforms, which historically insist that they’re providing technology for self-employed freelancers. Officials in California have sued Uber and Lyft Inc. for denying employee benefits to their drivers, relying on a law that went into effect this year that could force the companies to reclassify workers as employees.With delivery drivers on these platforms dropping off food, necessities and parcels while their countries were in lockdown, risking exposure to Covid-19 and providing essential services, some platform companies have increased the rights they offer workers.But tensions remain. Philippe said in the letter to the experts, published by Brien on his LinkedIn account, that twofold impact of the health and economic crisis makes it more necessary than ever to raise “the issues of social and economic protections.”France Digitale’s Brien said the goal is to have European rules that will apply even if the platforms are from outside the bloc.In March, France’s highest court ruled that since Uber drivers can’t build their own customer bases, don’t set their rates and have itineraries imposed on them, the Silicon Valley ride-sharing giant “unilaterally determines its terms and rules” and drivers are treated more like employees than freelancers.“Europe wants to keep a lead in the protection of its citizens, like with GDPR,” Brien said, referring to Europe’s landmark data-protection legislation.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Uber (NYSE: UBER) and Lyft (NASDAQ: LYFT) were dealt a blow today after the California Public Utilities Commission (CPUC) officially ruled that drivers in the state will be classified as employees. The two ride-hailing companies have long fought calls to consider its gig workers employees because it would force them to offer more benefits and work protections, including overtime and healthcare. The CPUC delivered the ruling with little fanfare in an 18-page document this week, six months after the state made it harder for companies to consider gig workers contractors under its AB5 law.
Shares in Uber and Lyft fell 5.3% and 4.2%, respectively, in early trading, with the new order striking at the heart of the "gig economy" business model of technology platforms like Uber and Lyft that rely on cheaper contract workers. The decision, by the California Public Utilities Commission (CPUC), which regulates ride-hailing companies across the state, comes six months after a state law took effect that makes it tougher for companies to classify workers as contractors rather than employees.
This year’s batch of IPO’s is receiving a warm welcome from the public markets. The recent rally in equities has encouraged companies looking to debut publicly, to strike the iron while it’s hot.