Uber (DE.UT8) and Lyft's (US.LYFT) New Road: Fewer Drivers, Thrifty Riders and Jittery Investors - 27 mai 2022: Diferență între versiuni
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<p style="text-align: justify;">The companies put more emphasis on striving for profit after going public in 2019, only to be hit by the pandemic. At first, they didn’t have enough riders, then they struggled with a lack of drivers. The driver shortage lasted longer than the companies expected, pushing fares higher last year. Fares then seemed to have plateaued, only for soaring gas prices to drive another surge. The companies imposed new fees on riders to help drivers. | <p style="text-align: justify;">The companies put more emphasis on striving for profit after going public in 2019, only to be hit by the pandemic. At first, they didn’t have enough riders, then they struggled with a lack of drivers. The driver shortage lasted longer than the companies expected, pushing fares higher last year. Fares then seemed to have plateaued, only for soaring gas prices to drive another surge. The companies imposed new fees on riders to help drivers. | ||
Average U.S. fares reached a new high in April, more than 35% above where they were before Covid-19, according to YipitData. </p><p style="text-align: justify;">Both | Average U.S. fares reached a new high in April, more than 35% above where they were before Covid-19, according to YipitData. </p><p style="text-align: justify;">Both Uber and Lyft expect fares to eventually retreat but have signaled that the focus on turning a profit means they likely won’t return to prepandemic levels. | ||
“The days of ride-share being a cheaper alternative to other modes of transportation are gone,” said Youssef Squali, an analyst for Truist Securities. “The market is probably not as large as we thought two to three years ago.” </p><p style="text-align: justify;">Lyft reported around three million fewer riders in the first quarter than three years earlier, a 13% drop. Uber reported at least 20% fewer trips in the U.S. for the quarter, though it said the number of riders in April was near prepandemic levels.</p><p style="text-align: justify;"><br/></p><p style="text-align: justify;">[https://www.wsj.com/articles/uber-and-lyfts-new-road-fewer-drivers-thrifty-riders-and-jittery-investors-11653651912?mod=business_lead_pos2 https://www.wsj.com/articles/uber-and-lyfts-new-road-fewer-drivers-thrifty-riders-and-jittery-investors-11653651912?mod=business_lead_pos2]<br/></p> | “The days of ride-share being a cheaper alternative to other modes of transportation are gone,” said Youssef Squali, an analyst for Truist Securities. “The market is probably not as large as we thought two to three years ago.” </p><p style="text-align: justify;">Lyft reported around three million fewer riders in the first quarter than three years earlier, a 13% drop. Uber reported at least 20% fewer trips in the U.S. for the quarter, though it said the number of riders in April was near prepandemic levels.</p><p style="text-align: justify;"><br/></p><p style="text-align: justify;">[https://www.wsj.com/articles/uber-and-lyfts-new-road-fewer-drivers-thrifty-riders-and-jittery-investors-11653651912?mod=business_lead_pos2 https://www.wsj.com/articles/uber-and-lyfts-new-road-fewer-drivers-thrifty-riders-and-jittery-investors-11653651912?mod=business_lead_pos2]<br/></p> | ||
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Versiunea curentă din 18 mai 2023 15:00
The companies put more emphasis on striving for profit after going public in 2019, only to be hit by the pandemic. At first, they didn’t have enough riders, then they struggled with a lack of drivers. The driver shortage lasted longer than the companies expected, pushing fares higher last year. Fares then seemed to have plateaued, only for soaring gas prices to drive another surge. The companies imposed new fees on riders to help drivers. Average U.S. fares reached a new high in April, more than 35% above where they were before Covid-19, according to YipitData.
Both Uber and Lyft expect fares to eventually retreat but have signaled that the focus on turning a profit means they likely won’t return to prepandemic levels. “The days of ride-share being a cheaper alternative to other modes of transportation are gone,” said Youssef Squali, an analyst for Truist Securities. “The market is probably not as large as we thought two to three years ago.”
Lyft reported around three million fewer riders in the first quarter than three years earlier, a 13% drop. Uber reported at least 20% fewer trips in the U.S. for the quarter, though it said the number of riders in April was near prepandemic levels.