Uber, Lyft: Ride-hailing Landscape (Mergers, Apps, Ridership, Revenue and other news)

mood · Nov 12, 2020

Lyft’s ride-hailing business is starting to claw its way out of a deep hole
Ridership and revenue are still down year over year, but they’re steadily improving compared to earlier this year
November 10, 2020
https://www.theverge.com/2020/11/10/21559174/lyft-q3-2020-earnings-rides-prop-22-covid

Lyft continues to struggle to bring in money amid rising case numbers of COVID-19 in the US. The ride-hailing company lost $459.5 million over the last three months, with its adjusted net revenues down 48 percent year over year.

Its ride-hailing is significantly smaller than it was last year. This quarter, Lyft reported having 12.5 million active riders, compared to 22.3 million in the third quarter of 2019 — a drop of 44 percent. It’s a deep hole, but Lyft is starting to claw its way out. The company’s ridership has been steadily growing over the course of the year: this quarter’s number is 44 percent improvement over Q2.
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Amid all that red ink there was one positive note for Lyft. The passage of Proposition 22 in California was an obvious win for the company which, along with Uber and DoorDash, spent over $200 million to push for its approval. The ballot measure exempts Lyft from a state law requiring it to classify its drivers as employees.
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mood · Nov 12, 2020

Uber is still getting hammered by COVID, though things are looking slightly better
The company’s gross bookings only fell 10 percent year over year, compared to steeper drops in previous quarters
November 5, 2020
https://www.theverge.com/2020/11/5/21551683/uber-q3-2020-earnings-revenue-loss-delivery

Uber is still getting pummeled by COVID-19, as the raging pandemic continues to drag the company’s ride-hailing business down. Uber lost $1.1 billion over the last three months, with its adjusted net revenues down 20 percent compared to the third quarter of 2019.

Gross bookings in its ride-hailing division, or the amount of money it takes in before paying drivers, fell 50 percent year over year. It’s grim position, but also a steady improvement over the second quarter, in which Uber’s ride-hailing business was down 73 percent year over year. Still there was no mistaking the impact of the coronavirus pandemic on the company’s core transportation business. Uber brought in $2.8 billion in adjusted revenue, an 18 percent decline year over year.

But the company sees a light at the end of the tunnel. “All early evidence we see makes it increasingly clear that it’s question of when, not if, our mobility business will recover,” said Uber CEO Dara Khosrowshahi in a call with investors.
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The company did score a big win in California, where its Prop 22 ballot measure won by a large margin. Khosrowshahi discussed building on that victory by advocating for similar measures at the national and global level.
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mood · Nov 12, 2020

Uber will let riders reserve trips up to 30 days in advance and pick a 'favorite' driver
Uber Reserve rolls out in select cities this week
November 10, 2020
https://www.techspot.com/news/87546-uber-riders-reserve-trips-up-30-days-advance.html

TL;DR: The ride-sharing portion of Uber's business model took a bit of a hit during the Covid-19 pandemic, but that hasn't stopped the company from coming up with new ways to draw in customers. This week, Uber is rolling out "Uber Reserve," a mobile app feature that will let users book a ride up to 30 days in advance.

On the surface, this might not seem like a very big deal; and for the average user, perhaps it isn't. However, if you're planning out a country-spanning trip on a tight schedule, or if you simply must be in a certain place at a certain time, Uber Reserve could be a great solution to that problem.
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You'll be told exactly how much you'll need to pay for the trip far in advance, and you can even select a "Favorite" driver to ferry you to your destination. Furthermore, if your driver fails to show up at the scheduled time, you get a free $50 in "Uber Cash" as compensation.
As usual, you can also select some of your trip preferences, such as the vehicle's temperature, the amount of conversation you want to put up with, and the number of bags you're carrying.
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Uber Reserve won't be available everywhere right away, but the company is piloting the feature in 20 initial cities, including major destinations like New York City, New Jersey, Houston, Austin, Chicago, and Phoenix. On launch, Uber Reserve only supports Uber Black and Black SUV rides, but Uber X and XL will arrive at a later date.
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Uber: Push a Button, Plan Your Ride: Introducing Uber Reserve

mood · Nov 14, 2020

Didi takes its overseas expansion drive to New Zealand but is the ride-hailing market big enough to make a difference?
November 13, 2020
https://www.scmp.com/tech/start-ups...seas-expansion-drive-new-zealand-ride-hailing

Didi Chuxing is launching new operations in Auckland, New Zealand as China’s largest ride-hailing services provider continues an aggressive overseas push despite pandemic-related headwinds and stiffer competition in its home market.

“We see the Australia and New Zealand markets as an outpost for us to grab a bigger share of the global mobility market,” said Lyn Ma, head of Didi’s business development in Australia and New Zealand, in an interview this week.
Globalisation is a core strategy for Didi after it became the top player in mainland China’s saturated market. Since pushing Uber out of China four years ago, Didi has been on a global acquisition spree, investing in Grab and Ola in Asia, Lyft in the US, 99 in Brazil, Taxify in Europe and Careem in Dubai.
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One rival did not seem impressed by Didi’s arrival in New Zealand.

“Didi will offer incentives to passengers to build up their market share,” said James Fisk, founder of Zoomy, which operates in Auckland, Wellington and Christchurch.
“History has shown that once these discounts ease back, customers revert to the companies that offer the best overall product ... as the only locally-owned rideshare service, we feel very comfortable.”

Ride-hailing consists of hailing a private vehicle or a taxi via a mobile app or platform for a shared or individual ride.
Although users have taken to the convenience of ride-hailing, the industry has faced safety concerns and has had to deal with the fallout from Covid-19, such as social distancing and improved in-car hygiene measures.
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Despite being a relatively small ride-hailing market, New Zealand is growing fast.
Overall revenue from ride-hailing in the country is estimated to reach US$225 million in 2020 [...]
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mood · Nov 18, 2020

Lyft extends its Emergency Help feature to drivers and riders across the US
The rideshare company and ADT started testing the safety measure earlier this year
November 18, 2020
https://www.engadget.com/lyft-adt-emergency-help-roll-out-nationwide-170046220.html

All Lyft drivers and riders in the US can now quickly connect to an ADT safety specialist if they need some assistance. The ridesharing company announced the Emergency Help option in October 2019, and it started testing the feature in some markets earlier this year.

Emergency Help allows Lyft users to "quickly and discreetly receive help for any in-ride situation, whether or not they wish to or are able to call 911." Being able to seek real-time assistance in an uncomfortable scenario without alerting the driver could help ensure the safety of passengers.
Riders can have ADT call or text them, or call 911 on their behalf.
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The security company can share a rider's live location with authorities, along with other details about the ride, including the designated drop-off location, and the vehicle's license plate number, make and model.
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Lyft: Lyft Launches Emergency Help, Supported by ADT, to Riders and Drivers Nationwide

mood · Nov 24, 2020

Uber and Lyft just scored a huge federal transportation contract
The five-year $810 million contract authorizes the companies to provide transportation to over 4 million federal employees
November 23, 2020
https://www.theverge.com/2020/11/23/21611553/uber-lyft-gsa-government-contract-amount

The US government awarded a big transportation contract to Uber and Lyft this week, authorizing the ride-hailing companies to provide transportation to up to 4 million federal employees and their families.

The General Services Administration, the procurement arm for the federal government, granted the five-year contract to Uber and Lyft, the companies confirmed. The contract is worth up to $810 million, though it’s unclear how much each company will receive.
The contract was awarded to Uber for Business, the ride-hailing company’s business-to-business division.
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Lyft also hailed the contract as a good sign for the growth of its business. “Lyft already works closely with select agencies, but with this award under our belt, we see an opportunity to be the preferred rideshare partner for many other top federal agencies,” a spokesperson said.

The contract with Uber and Lyft “modernizes official travel and will make it easier, and cheaper, to use rideshare services for official travel,” Federal Acquisition Service Assistant Commissioner for Travel, Transportation and Logistics Charlotte Phelan wrote.
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mood · Nov 27, 2020

India to allow Uber and rivals to charge 20% commission
Industry experts had warned that a 10% cap would hit revenue and operations
November 27, 2020
https://tech.hindustantimes.com/tec...s-to-charge-20-commission-71606472741604.html

India will allow app-based taxi aggregators such as Uber Technologies and Ola to charge up to 20% commission on ride fares, according to guidelines issued on Friday, diluting an earlier proposal to cap fees at 10%.

The final guidelines, which are to be considered by the state governments when issuing licences to aggregators, say drivers should receive 80% of the ride fare with the taxi companies receiving the remaining 20%.
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The government guidelines also recommended that so-called surge prices at busy times can be a maximum of 1.5 times the base fare and that companies must provide insurance cover for drivers and limit them to working no more than 12 hours a day.
India accounts for an estimated 11% of Uber's global rides annually and is SoftBank-backed Ola's home market.
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TechCrunch: India sets rules for commissions, surge pricing for Uber and Ola

But not everything about the guidelines will hurt Uber and Ola, both of which had no comment to share on Friday. The rules will enable the companies to offer pooling (shared car) services on private cars, though there is a daily limit of four intra-city rides on such cars, and two weekly inter-city rides.

Ujjwal Chaudhry, an associate partner at Bangalore-based marketing research consulting firm Redseer, said the guidelines by the government will have a mixed impact.

“[...] But, overall the impact of these guidelines on the ecosystem growth are negative as capping surge and platform fee will ultimately lead to reduced earnings for 5 Lac (500,000) drivers (currently on these platforms) and will also lead to increased prices and higher wait times for the 6-8 crore (60 to 80 million) consumers who use it for their mobility and commute needs,” he said in a statement.
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mood · Dec 30, 2020

Uber raising trip prices 24% in new year in response to Seattle’s new minimum wage law for drivers
December 30, 2020
https://www.geekwire.com/2020/uber-...sponse-seattles-new-minimum-wage-law-drivers/

The cost of an Uber trip in Seattle will jump about 24% starting Friday as the ride-hailing company is raising its prices in response to a new law requiring drivers to be paid the city’s minimum wage.

The Seattle City Council unanimously voted in September to adopt new regulations designed to ensure Uber and Lyft drivers earn the city’s $16.69 per hour minimum wage in 2021.
The transportation network companies are now required to pay drivers at least $0.56 per minute when there is a passenger in the vehicle as well as a per-mile rate to cover expenses.
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Uber’s fare increase is the first of three planned increases over the next three months, and by April the company expects fares may be 50% higher.

“We know that any price increase is frustrating for customers, and we continue to look for new ways to reduce prices while complying with the City Council’s laws,” Uber spokesperson Harry Hatfield said.
Lyft hasn’t announced an immediate price increase but has said in the past it could do so in the future as a result of the new law.
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Rachel Lauter, executive director of Working Washington, said in a statement that it makes no sense for a multi-billion-dollar company like Uber to “alienate thousands of customers in a key market” with a fare increase “in a fit of spite over having to raise pay for workers.”
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mood · Jul 15, 2021

Lyft's shared rides return with COVID measures and advanced booking
You can save money if you don't mind waiting.
July 15, 2021
https://www.engadget.com/lyft-shared-rides-return-133317382.html

Lyft unsurprisingly axed shared rides as COVID-19 took hold, but it's rethinking them as the pandemic (hopefully) subsides and demand resumes. The company is relaunching shared rides on July 19th with a few tweaks to both streamline your trips and acknowledge the safety issues of a not-quite-normal US.

You can now request these rides up to 30 minutes in advance, saving you money and increasing the chances that you'll get an optimized route. There also won't be any surprise route changes or delays if you choose the "no surprise pickups" options — you won't be late for work because someone hailed a ride at the 'wrong' moment.
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In some ways, this is as much about coping with Lyft's practical realities as anything. With ridership picking back up, Lyft is facing a shortage of drivers. The shared option could help Lyft keep up while it recruits more drivers, especially among cost-conscious travellers who don't mind some socially distanced company.
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mood · Aug 5, 2021

Uber, Lyft take different spending routes in race to add drivers
August 5, 2021
https://www.reuters.com/technology/...-spending-routes-race-add-drivers-2021-08-05/

A return to business as usual for Uber Technologies Inc (UBER.N) and its rival Lyft Inc (LYFT.O) has thrown up a new challenge to the ride-hailing firms looking for profitability - spend more to bring back drivers to meet the rising demand for rides.

Between the two, their spending plans have differed.
Uber shelled out $250 million in the second quarter and has now begun cutting back as it added more hands behind the wheels, while Lyft has decided to keep spending into the third quarter.
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Returning drivers to their platforms is crucial for both Uber and Lyft to grow even as they cut costs amid pressure from investors for profitability.
In their latest earnings calls, top executives of both companies faced questions from analysts, who have been keeping a close eye on their spending plans, on how Uber and Lyft plan to improve driver supply.
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mood · Oct 22, 2021

Lyft’s first-ever safety report reveals over 4,000 assaults between 2017-2019
There were also 10 fatal assaults between 2017-2019
October 22, 2021
https://www.theverge.com/2021/10/22...eport-2017-2019-physical-sexual-assault-death

The report was long overdue, coming at least two years after Lyft originally said that it would be published. It represents the first set of publicly available data regarding the safety of Lyft’s ride-hailing platform and how it compares to national US averages.

While the numbers appear to paint a dark picture of the ride-hailing industry, Lyft insists that serious incidents are “statistically rare” in its vehicles.

“The type of safety incidents detailed in this report occurred on 0.0002 percent of rides,” Jennifer Brandenburger, Head of Policy Development and Research, wrote in a blog post, “and well over 99 percent of all rides occur without any safety report at all.”
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Lyft’s spin on the report, grim as the numbers may be, is similar to Uber’s take on its own data. Lyft, which services fewer trips than Uber, did not disclose the total number of rides represented in its report, but at 0.0002 percent, the incident rate was the same as Uber’s.

Uber and Lyft both conduct background checks and say passenger safety is their top priority. They also have largely attempted to tackle this issue through technology updates, like in-app “panic buttons,” which let riders instantly dial 911, or ways to report a driver for unsafe activity.
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mood · Oct 27, 2021

Uber aims for 50,000 Teslas on its platform by 2023
October 27, 2021
https://www.theverge.com/2021/10/27/22747184/uber-tesla-rent-drivers-hertz-cost-2023

Uber is acquiring 50,000 Tesla vehicles to rent to its drivers as part of an ambitious plan to electrify its fleet in the US by 2030. The ride-hailing company is working with rental car company Hertz, which announced yesterday that it had ordered 100,000 Teslas.

California, the largest auto market in the US, set in place rules for ride-hailing companies like Uber and Lyft, requiring that 90 percent of their fleets be electric by 2030.
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Uber has long offered discounts on car rentals to drivers who don’t own their own vehicle, with Uber and Hertz working together on such a program since 2016. But they have never collaborated to rent out one specific vehicle to drivers until now.

Starting November 1st, Uber drivers who live in Los Angeles, San Francisco, San Diego, and Washington, DC can rent a Tesla Model 3 through Hertz at a rate of $334 a week, including maintenance and insurance. The weekly rate will fall to $299 or lower as the program gets underway, Uber says.
It may be difficult to attract drivers to the program with a weekly rate of $334, but Uber is confident that drivers will see the benefit in fuel savings and less maintenance.
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Initially, drivers must have at least a 4.7-star rating and have completed at least 150 trips to be eligible to rent a Tesla. For recharging, drivers will have access to Tesla’s Supercharger network, as well as discounts at participating EVgo charging stations.
Uber notes that this new program is designed to appeal to drivers who rent specifically, not get drivers to switch from owning to renting.

Today, however, fewer than 1 percent of ride-hailing vehicles in the US are electric, according to Bloomberg. The auto industry is in the midst of a massive transition to electric vehicles, even though EVs still only compromise less than 5 percent of annual sales.
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mood · Nov 5, 2021

Uber Gains After Posting First Adjusted Profit on Ride Recovery
November 4, 2021
https://www.bloomberg.com/news/arti...rofit-on-ride-hailing-rebound-delivery-demand

Uber Technologies Inc. shares jumped Friday after the company reported its first-ever adjusted profit since going public, boosted by a recovery in ride-hailing and sustained demand in its delivery business.

“The pandemic has been hard to predict and so we’re going to be a little bit prudent as we think about that,” Nelson Chai, the chief financial officer, said on a conference call with analysts.
Ride-hailing was among the hardest-hit sectors during the pandemic as people shunned activities that involved coming in close proximity with strangers.
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While riders are coming back, it’s been harder for Uber and Lyft Inc. to find enough drivers to meet that renewed demand, leading to higher fares and wait times for customers.

“Our early and decisive investments in driver growth are still paying dividends, with drivers steadily returning to the platform, leading to further improvement in the consumer experience,” Chief Executive Officer Dara Khosrowshahi said in the statement.
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mood · Nov 17, 2021

Uber reintroduces shared rides with a new name
Take an UberX Share for a more affordable ride
November 16, 2021
https://www.theverge.com/2021/11/16/22786147/uber-uberx-share-rides-carpooling-new-name

Uber is bringing back shared rides with a new name: UberX Share. The revamped carpooling product is available first as a pilot in Miami.

Uber suspended its Uber Pool carpooling feature in March 2020 in response to the COVID-19 pandemic, but the company promised earlier this month that it planned to bring shared rides back. Uber prices have gone way up recently, so a carpooling option allows the company to offer cheaper costs that could make taking an Uber a more popular transportation option.
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On an UberX Share ride, you’ll only ride with one other person (in addition to the driver) during your trip. Everyone in the car must wear a mask, even if they are all vaccinated. UberX Share rides will have a 5 percent discount, and you’ll get Uber Cash if another person is picked up during your trip.

It’s unclear when UberX Share might expand, and the company said Tuesday it didn’t have anything additional to share about future rollout plans to other cities.
Uber rival Lyft brought back shared rides in July after also suspending the feature in March 2020.
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mood · Nov 17, 2021

Uber's $10 One subscription gives you VIP access to rides and deliveries
The membership offers perks like better-rated drivers and regular discounts.
November 17, 2021
https://www.engadget.com/uber-one-subscription-140045273.html

Uber is taking another shot at subscriptions, and this latest attempt might make sense if you're as interested in deluxe treatment as you are discounts. The service has launched an Uber One membership that, for $10 per month or $100 per year, showers you with perks for both ridesharing and Uber Eats deliveries. You'll get 5 percent off "eligible" trips and food orders as well as free delivery for many grocery and restaurant orders. However, that's really just the start of the plan.

One subscribers will get "priority service," with the highest-rated drivers and upgraded support. You'll also get exclusive promos, offers and invitation-only "experiences." There's even an Uber One Promise that gives you $5 in Uber Cash on qualifying deliveries if the courier misses the latest estimated arrival time. You won't have to settle for the same service as the commoners, in other words.
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Uber: Introducing Uber One: one membership bringing together the best of Uber

mood · Dec 6, 2021

Uber on brink of pausing operations in Brussels after court ruling
November 26, 2021

KEY POINTS

The Brussels Appeal Court ruled on Wednesday that a 2015 ban on private individuals offering taxi services also applies to professional drivers.

The decision will impact most of the 2,000 drivers that Uber has in Brussels.

Angry drivers blocked key roads across the city in protest on Thursday.

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Uber has been ordered to stop offering its main ride-hailing service in the Belgian capital of Brussels from Friday evening.

The Brussels Appeal Court ruled on Wednesday that a 2015 ban on private individuals offering taxi services also applies to professional drivers.

“From this Friday, you won’t be able to get an Uber ride in the EU capital,” Uber wrote on Twitter Wednesday. “We’re disappointed with today’s court decision to close our Brussels app.”
Uber said the decision goes against the European Commission’s digital and green ambitions. The European Commission is the executive arm of the European Union.
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mood · Dec 6, 2021

Uber will let people in India order a taxi through WhatsApp
December 2, 2021

Uber has announced that it’s starting to roll out a feature this week that will give people the choice of booking a taxi through the official Uber chatbot on WhatsApp. It will mean that riders no longer need to use or download the Uber app as registration, ride booking, and trip receipts will all be available through the WhatsApp bot.

In terms of its schedule, the company said it will bring the feature first to Lucknow, from this week. It will then expand to New Delhi, the country’s capital, before being made available in the entire country next year. The steady expansion of this method will give the company time to ensure everything works properly.
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In the case of drivers, this update brings nothing new; they will continue using the Uber app as normal. The Uber chatbot will be available in English for the time being but the company plans to add other Indian languages soon.
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Uber: Booking an Uber ride just got as easy as sending a WhatsApp message

So, starting this week, we are rolling out a new service that gives people the option to book an Uber ride via an official Uber WhatsApp chatbot. Riders will no longer need to download or use the Uber app. Everything from user registration, booking a ride, and getting a trip receipt will be managed within the WhatsApp chat interface.

The integration, a global-first for Uber, is rolling out first in Lucknow. We will then introduce it to users in New Delhi, and look forward to going India-wide next year.
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mood · Jul 19, 2022

Uber will pay $2.2 million to settle claims it overcharged riders with disabilities
The company will also have to waive wait time fees for two years.
July 18, 2022

Uber is settling a Justice Department lawsuit accusing the company of overcharging riders with disabilities. The ridesharing company has agreed to pay at least $2.2 million to passengers who were charged wait time fees despite disabilities that required more time to enter a vehicle.

The payout includes nearly $1.74 million for over 1,000 riders who complained about the fees and $500,000 for “other harmed individuals.” Uber will also offer credits to more than 65,000 people who've obtained waivers for wait time fees, all of whom will receive double the wait time fees they were charged.
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In a statement to Engadget, Uber said it was "pleased" by the agreement and maintained that it was "always working" to bolster accessibility for users. It encouraged customers to sign up for the waivers.
The agreement requires that Uber continue offering the waiver to all eligible riders for two years.

This settlement might not satisfy some critics. It indemnifies Uber against future claims linked to wait fees. The company has also faced multiple lawsuits over a lack of ADA-mandated wheelchair-accessible vehicles — the agreement doesn't address those concerns. Even so, this may be a win for riders who've had no choice but to pay a premium due to their disabilities.
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mood · Jul 28, 2022

Uber doesn’t have to provide wheelchair-accessible vehicles in every city, judge rules
Judge rules that Uber is not in violation of the Americans with Disabilities Act of 1990
July 26, 2022

Uber’s decision to not offer wheelchair-accessible service in every US market does not violate the federal law prohibiting discrimination against disabled individuals, a federal judge ruled this week.
The ruling represents a win for the ride-hailing service, which has been criticized by disability advocates for providing only limited wheelchair-accessible service in a handful of cities.

Two motorized wheelchair users, one in New Orleans, Louisiana, and the other in Jackson, Mississippi, sued Uber over the lack of accessible service in either city. Both plaintiffs use wheelchairs that can’t be folded and placed in a trunk. They claimed that Uber was in violation of the Americans with Disabilities Act of 1990, which prohibits businesses from discriminating against people based on their disabilities.
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“The anticipated cost here is too high for the limited service that would result, making the proposed modification unreasonable,” the judge ruled.

“Although Uber is correct that just because it has taken an action in one city does not mean it is obligated to take that action in another city, the language ‘fair share’ implies that WAV users are due a finite number of resources,” Seeborg wrote. “The ADA does not adopt such an approach, however, and evaluates each proposed modification for its reasonableness.”
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mood · Jul 31, 2022

Uber will start showing drivers how much they’ll be paid for accepting a trip
They’ll also get to see ride requests in their area
July 29, 2022

Uber says that it’s “completely reimagined the way drivers accept rides” with a feature called “upfront fares,” which shows drivers exactly how much they’ll be paid for a trip and where they’ll end up after dropping a rider off. In its announcement on Friday, the company says the change is part of its push to make driving for the rideshare service more flexible. Uber’s also planning on rolling out a feature that lets drivers see other ride requests in their area, letting them pick specific trips they’d like to do.

For riders, the changes, which have been tested in select locations, could mean fewer canceled trips because a driver doesn’t actually want to go to the destination, or realizes that it won’t be a very profitable trip.
According to an upfront fee support document, the amount shown to drivers before they accept a trip is based on “several factors, including base fares, estimated trip length and duration, pickup distance, and surge pricing.”
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Uber: Only on Uber: more flexibility, choice, and support

Today, we’re announcing key new features that are a direct result of understanding and investing in the driver experience—and they’re only available on Uber. I had the chance to announce these new innovations to more than a hundred drivers in person yesterday in Washington DC, and I’m excited to share them with the world.
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mood · Aug 2, 2022

Uber attracts record number of drivers as cost of living bites
August 2, 2022

Almost 5 million people are now picking up passengers or making food deliveries for the company, 31% more than last year, boss Dara Khosrowshahi said.

Uber has been struggling with a driver shortage since the pandemic, leading to longer waiting times for customers.
But Mr Khosrowshahi said interest in driving for the company was accelerating despite those costs.

"That's right: more people are earning on Uber today than before the pandemic," he said in prepared remarks for investors to discuss the firm's financial performance.
Higher demand, which had plunged when the pandemic hit in 2020, is also helping to attract drivers back.
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The rise in demand helped push gross bookings up 33% to $29.1bn (£24bn)
Revenue more than doubled to $8.1bn, though some of that was due to a change to how the company accounts for its UK business.

The numbers suggest a path for Uber to become profitable, despite inflationary pressures and lingering driver shortages in some cities, said Dan Ives, analyst at Wedbush Securities.

"In a nutshell, despite rising ride share prices throughout the US/Europe clearly consumers are still moving to the Uber platform especially as travel, shifting to the office, and other post pandemic trends take hold globally with Uber poised to benefit into 2023," he said.
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mood · Aug 4, 2022

Uber tie-up with Omio adds train and coach booking to app — starting with UK
August 3, 2022

Uber is testing adding train and coach travel to its app in the U.K. so customers can book longer distance ground travel via a fully integrated tie-up with Berlin-based multimodal travel platform, Omio.

The latter has built up its own consumer facing apps for booking intercity and international travel, across a wide variety of supported transport options, over almost a decade of operations. But, in recent years, it’s been ploughing resource into building out a B2B line — making its inventory available to partners via APIs so they can add transport booking options to their own apps and platforms.
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Uber isn’t the first such tie up for Omio, per founder and CEO Naren Shaam. But he tells TechCrunch it’s the first partner to get full access to its ground transport inventory — which covers more than 1,000 transportation providers across 37 countries at this point.

“Uber is the first partner that is both at this scale but also the first that gets access to our full ticketing API so you actually are, as a customer, able to do everything within the Uber app — so it is the first with respect to this product that we’re offering,” he says.
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The ride-hailing giant is also the biggest B2B partner Omio has signed up so far: Shaam says the tie-up will put its inventory in front of the circa 5 million+ customers Uber claims in the U.K .market.
And while Omio’s own app includes non-ground transport options (like ferries and even flights) he says its platform remains strongest in inventory terms for booking train and coach/bus travel — hence why it’s starting there with Uber. Although Shaam hints there could be more to come.

From the get-go, the ground transport tie-up via Omio’s API will enable U.K. Uber users to book international trains if they’re so inclined.
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mood · Aug 4, 2022

Lyft rides post-COVID recovery to record earnings, but faces inflationary headwinds
August 5, 2022

Ride-hail giant Lyft reported strong second-quarter earnings Thursday. Earlier this year, investors had been skeptical of Lyft’s ability to offset the costs of increased investments to attract and retain drivers. However, Lyft was able to take advantage of severe internal cost-cutting measures combined with a post-COVID boom in travel to help it deliver its highest quarter yet.

Lyft just beat Wall Street revenue expectations, bringing in a second-quarter revenue of $990.7 million, which is up from $765 million in the same quarter of last year. It’s also a 13% quarter-over-quarter increase from Lyft Q1 revenue of $875.6 million.
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While Lyft posted an unprofitable quarter, in adjusted terms, it is seeing some improvements from last year.
The company finished out the quarter with $1.8 billion in cash.

While Lyft’s shares have traded more or less flat over the last month, shares tacked on 16% following rival Uber’s favorable quarterly results. At the time of this writing, Lyft is trading at $17.39, up 4.07% after hours.
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When explaining updated guidance, Lyft pointed to some macro headwinds like insurance costs increasing which are affected by inflationary pressures. The company expects this to impact its contribution margin in Q3.

“We believe that over time, we can offset higher insurance costs through both pricing and also product and engineering efforts that deliver better per-ride unit economics and that continue advancing the safety of our network,” said Paul.
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mood · Aug 14, 2022 at 6:29 AM

Uber is shutting down its free loyalty program later this year
You have until October 31st to spend your leftover Uber Rewards points
August 13, 2022

Uber is ending its free loyalty program, Uber Rewards, so it can turn its attention to its subscription-based Uber One membership. In an email sent to customers, Uber explains that users can still earn points until the end of August, and that the last day to redeem points is October 31st.

“Thank you for being part of Uber Rewards,” the email reads. “It’s been a great ride, but we’ve decided to end Rewards soon, as we shift our focus to our new Uber One membership program.”
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Uber has since posted an update about the loyalty program’s imminent shutdown, which will take place on November 1st, 2022. Launched in 2018, Uber Rewards is a free program that lets you rack up points for every dollar you spend when hitching a ride or ordering food through Uber and Uber Eats.

You can then use these points to earn discounts on future rides or deliveries. The more points you earn, the better perks you get — earning 7,500 points, for example, unlocks the highest Diamond tier, which comes with benefits like premium customer support, complimentary ride upgrades, better drivers, and three free Uber Eats deliveries.
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Uber’s giving existing Rewards members a free one-month subscription to Uber One, but you’ll still have to pay after that.
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Uber, Lyft: Ride-hailing Landscape (Mergers, Apps, Ridership, Revenue and other news)

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