INSIDER
In a first for Uber since becoming a public company, an annual profit.
Read full article: In a first for Uber since becoming a public company, an annual profit.Uber posted its first full-year profit since going public in 2019 and its stock is hitting all-time highs as strong bookings in the final quarter of the year pushed profit and revenue beyond Wall Street expectations.
Uber sees few signs of customer pullback despite inflation
Read full article: Uber sees few signs of customer pullback despite inflationShares of Uber are surging after the company said there is little evidence that Americans are pulling back on hailing rides or ordering food deliveries despite soaring inflation.
Report: Uber lobbied, used 'stealth' tech to block scrutiny
Read full article: Report: Uber lobbied, used 'stealth' tech to block scrutinyAs Uber pushed into markets around the world, the ride-sharing service lobbied political leaders to relax labor and taxi laws and used a โkill switchโณ to thwart regulators and law enforcement.
EXPLAINER: How Uber UK case could foreshadow gig work revamp
Read full article: EXPLAINER: How Uber UK case could foreshadow gig work revampIt's an early sign of what companies like Uber face as authorities get to grips with regulating the app-based gig economy. San Francisco-based Uber Technologies Inc. says a driver's minimum wage will be calculated based on the time they accept a trip through the app. Of course you should," said James Farrar, one of two former Uber drivers who filed the initial claim. THE GIG ECONOMY'S FUTUREThe Uber case is part of broader efforts to rein in the gig economy that are gaining traction, at least in Europe. AdCEO Dara Khosrowshahi has been a dvocating for reforms to what he called outdated labor laws that force gig workers to choose between flexibility and social protections.
Uber's 4Q loss narrows, raising hopes for pandemic recovery
Read full article: Uber's 4Q loss narrows, raising hopes for pandemic recoveryIn 2020, the ride-hailing service was forced to rely more heavily on its food-delivery service. But analysts believe Uberโs pioneering ride-hailing service will also eventually bounce back as more people are vaccinated against COVID-19. He also predicted that Uber's losses may evaporate by the end of this year. The companyโs ride-hailing service brought in revenue of $1.48 billion in the quarter, a 52% drop from the prior year. Meanwhile, revenue in Uber's food-delivery service more than tripled from the previous year to $1.37 billion.
Uber, hard-hit by pandemic, sells its robot-vehicle division
Read full article: Uber, hard-hit by pandemic, sells its robot-vehicle divisionSAN RAMON, Calif. โ Uber is selling off its autonomous vehicles development arm as the ride-hailing company slims down after its revenues were pummeled by the coronavirus pandemic. Self-driving vehicle technology company Aurora will acquire the employees and technology behind Uber's Advanced Technologies Group in an stock transaction, the companies said Monday. Uber will also invest $400 million into Aurora, and Uber's CEO Dara Khosrowshahi will join Aurora's board of directors. After the transaction, Aurora will be worth $10 billion and Uber will hold 26% stake in the company, Aurora CEO Chris Urmson said in an interview. San Francisco-based Uber will lose a critical piece of its company after the pandemic cut into its finances by suppressing demand for shared rides.
Uber's food delivery business outshines core rides service
Read full article: Uber's food delivery business outshines core rides serviceUber's food delivery business brought in more money during the third quarter than its signature rides business, showing just how much consumer behavior has changed โ and how far the company has adapted โ since the pandemic struck. Uber brought in $3.13 billion in revenue, down 18% from the same time last year. Despite the decline, the rides business showed improvement from the second quarter, when it brought in just $790 million. Uberโs food delivery business also brought in more revenue than its rides business in the second quarter, when demand for rides was even lower due to the pandemic. However, its rides business was more profitable than delivery.
Ride-hailing, delivery giants win fight against labor law
Read full article: Ride-hailing, delivery giants win fight against labor lawUber, Lyft, Doordash, Instacart and others sought to get out of those requirements, and after failing in court, succeeded in convincing voters to give them an exemption from most of the year-old lawโs provisions. A record $200 million spending spree by the companies and their supporters helped them win the vote. The investment yielded a huge return for Uber and Lyft, whose combined market value climbed by $8 billion on Wednesday. Uber, Lyft and, DoorDash, Instacart and their supporters accounted for roughly $200 million that amount, underscoring how badly the companies wanted to preserve their business model. โItโs not really fair that Uber, Lyft etc.
Uber, Lyft spend big, win in California vote about drivers
Read full article: Uber, Lyft spend big, win in California vote about driversFILE - In this Aug. 20, 2020, file photo travelers request an Uber ride at Los Angeles International Airport's LAX-it pick up terminal. A California ballot measure that would exempt Uber, Lyft and other app-based delivery drivers from being classified as company employees eligible for benefits and job protections led Tuesday, Nov. 3, 2020, in early vote counts. San Francisco-based Uber and Lyft had threatened to pull out of California if they lost. Opponents said the companies exploit drivers to keep profits high and the ballot measure would deprive workers of rights like overtime pay and workersโ compensation. Supporters said the measure would allow drivers to maintain the freedom to work hours they choose and would provide other benefits.
Ready to vote but need a ride? This company says itโs stepping in to help
Read full article: Ready to vote but need a ride? This company says itโs stepping in to helpAnd just like every election year, itโs of the utmost importance that citizens cast their ballot in this yearโs election. If youโve registered but are already concerned about how you will make it to a polling station, the ride-sharing company Uber wants to step in and lend a hand. As Election Day approaches, and as part of its โGet Out the Voteโ campaign, the company aims to help people find their polling location, as well as offer discounted rides to and from the poll during early voting. โAs we look ahead to this yearโs election, we are committed to doing our part to make sure every citizen has access to vote,โ Uber CEO Dara Khosrowshahi said. Uber officials said as Election Day nears, people will begin to have access to important information in the app.
Tornado, virus, protests rattle Nashville rideshare economy
Read full article: Tornado, virus, protests rattle Nashville rideshare economyThen came what she calls Nashvilles quadruple-whammy: a tornado, coronavirus closures, protests that rocked downtown, then more closures. Bicknese says business has gone from dismal to tolerable, but only because so many drivers have voluntarily stayed home. Bicknese chose to keep driving because she didn't think she could make her car and insurance payments on unemployment. Then what happened is so many drivers filed for unemployment and stopped driving that demand came back," she said. Instead of well-heeled tourists, Bicknese finds herself driving people on unemployment, factory workers and patients travelling to medical appointments.
Uber cuts 3,000 jobs as pandemic slashes demand for rides
Read full article: Uber cuts 3,000 jobs as pandemic slashes demand for ridesNEW YORK Uber has cut 3,000 jobs from its workforce, its second major wave of layoffs in two weeks as the coronavirus slashed demand for rides. It will also pursue strategic alternatives for its job recruiting app, Uber Works, Khosrowshahi said. I wanted there to be a different answer ... but there simply was no good news to hear.Uber's rides business, the company's main profit generator, fell 80% in April compared to the same month last year. Uber's drivers are considered freelance or contract workers, not full-fledged employees, so despite the sharp drop in their incomes from obliterated demand, they are not eligible for severance or benefits from the company. One silver lining to the pandemic is that Uber's Eats business has become more important to people staying home and restaurants, and delivery is here to stay, Khosrowshahi said.
Uber CEO walks back comment on Saudi writer's slaying
Read full article: Uber CEO walks back comment on Saudi writer's slayingNEW YORK, NY Uber CEO Dara Khosrowshahi caused a backlash by calling the murder of Washington Post columnist Jamal Khashoggi "a mistake" in an interview with Axios on HBOKhosrowshahi later said he regretted his comments. U.S. and United Nations officials suspect that Saudi Arabia's Prince Mohammed bin Salman played a role in Khashoggi's slaying, but the Kingdom denies it. In his interview with Axios, Khosrowshahi said people make mistakes, and it doesn't mean they can never be forgiven. Saudi Arabia's sovereign wealth fund has invested heavily in Uber and its managing director sits on Uber's board. Khosrowshahi was brought in as CEO to turn around a company plagued with self-inflicted wounds.
While losses mount, Uber CEO expects profitability in 2021
Read full article: While losses mount, Uber CEO expects profitability in 2021FILE - In this May 10, 2019, file photo the statue of Fearless Girl stands in front of the New York Stock Exchange before Uber holds its initial public offering. (AP Photo/Mark Lennihan, File)NEW YORK, NY The losses at Uber are mounting, but the ride-hailing heavyweight now predicts it will be profitable in about two years. CEO Dara Khosrowshahi told reporters Monday that the company's goal is to reach profitability when adjusted for interest, taxes, depreciation and amortization for the full year of 2021. In response, Uber and Lyft proposed a ballot initiative aiming to exempt their companies from the new law. Some analysts are concerned that a deluge of Uber stock will flood the market later this week when a lockup period expires, allowing major shareholders, including company executives and investors, to sell their shares.
Uber lays off 350 more workers in last wave of cuts
Read full article: Uber lays off 350 more workers in last wave of cutsKTXL via CNN(CNN) - Uber laid off approximately 350 employees across several different teams on Monday, a spokesperson confirmed to CNN Business. In addition to the cuts, some employees were asked to relocate to other offices. Over 70% of the employees impacted by this round of layoffs are based in the US and Canada. In September, Uber laid off about 435 employees from its product and engineering teams. In August, Uber reported its largest quarterly loss ever: $5.2 billion in the three months ending in June.
Uber's new offerings don't measure up to its challenges
Read full article: Uber's new offerings don't measure up to its challengesJustin Sullivan/Getty Images(CNN) - With pressure mounting on its business, Uber decided to take a well-worn page from the Big Tech playbook: hold a flashy press event. Khosrowshahi also showed off what he described as "the next generation of the Uber app," with more integration of its food delivery and micromobility services. "It's lipstick on several pigs at once," said David Kirsch, a University of Maryland business professor. Gad Allon, a professor at the University of Pennsylvania's Wharton Business School, described Uber's announcements as focusing on small issues when big challenges remain unresolved. Chen also thinks that Uber's announcement of expanding its rewards program to include food delivery will be helpful.
Uber is laying off hundreds of staffers, again
Read full article: Uber is laying off hundreds of staffers, againJustin Sullivan/Getty Images(CNN) - Uber laid off hundreds more employees -- this time, across its engineering and product teams in an effort to "reset." The company confirmed to CNN Business Tuesday that about 435 positions -- 170 in its product team and 265 on its engineering team -- were eliminated. The company said the layoffs represent about 8% of the product and engineering teams. Notably, the layoffs did not impact product and engineering staffers working on its growing meal-delivery business known as Eats. After careful consideration, our Engineering and Product leaders concluded the answer to this question in many respects was no."
Uber burned through $5.2 billion last quarter
Read full article: Uber burned through $5.2 billion last quarterCNN imageSAN FRANCISCO, Calif. - Even by Uber's standards, the company burned through a staggering amount of money in its most recent quarter. Uber said Thursday that it lost $5.2 billion in the three months ending in June, its largest quarterly loss ever, fueled mostly by $3.9 billion in stock-based compensation expenses related to its public offering during the quarter. Without those charges, however, the company still lost about $1.3 billion during the quarter, a roughly 50% spike from the year prior. Khosrowshahi stressed that Uber's ride-hailing service, along with its meal delivery service, each have the potential to "be a spectacular business long-term." But even as it invests aggressively, Uber's revenue growth continues to slow.
Uber lays off 400 people on its marketing team
Read full article: Uber lays off 400 people on its marketing teamJustin Sullivan/Getty ImagesUber is laying off roughly one-third of its global marketing staff. In an email sent by Uber CEO Dara Khosrowshahi to staff and seen by CNN Business, he says, "we are not making these changes because Marketing has become less important to Uber. The layoffs are just the latest turbulence inside Uber in the less than three months since it went public. In early June, Khosrowshahi announced that two top executives were leaving the company, including chief marketing officer Rebecca Messina. According to an Uber spokesperson, Hazelbaker and Khosrowshahi announced a new marketing team structure to staff Monday.