Uber CEO vows to be ‘hardcore about costs,’ slow down hiring in memo to employees

Uber CEO Dara Khosrowshahi vowed to rein in costs at the ride-hailing company in the face of a “seismic shift” in the financial market, according to a memo sent to employees that was first reported by CNBC. The effort to reduce spending is in response to the dramatic upheaval in the labor market that has Uber scrambling …

Uber continues its recovery from the pandemic lull but loses $5.6 billion from investments

Uber on Wednesday reported strong growth in its ride-hailing and delivery businesses and said it was continuing to bounce back from a pandemic slump, even as it lost $5.6 billion because of its investments in other ride-sharing companies, primarily the Chinese service Didi. The company reported $6.9 billion in revenue for the first three months …

Uber lost $6 billion to start the year, but reports a rebound in ride-hailing and no issues with driver supply

Uber Technologies Inc. lost billions of dollars in the first quarter mostly due to its investments, but beat analysts’ estimates as it reported results earlier than planned Wednesday morning. Uber UBER, -4.65% shares, which fell 9.1% in morning trading and were on track for their biggest one-day drop since sinking 10.7% on June 11, 2020, closed the regular …

DoorDash Should Buy Lyft to Compete With Uber: Analyst

DoorDash DASH +3.11%  declined to comment, and Lyft couldn’t be reached immediately for comment. He believes that only being a ride-hailing service is a disadvantage for Lyft relative to Uber Technologies UBER –4.65%  (UBER) which has multiple businesses such as Uber Eats. DoorDash plus Lyft essentially creates a mini-Uber. Uber’s market capitalization is about $53 billon. DoorDash’s market cap is about $26 billion and …

Uber, Lyft, Instacart, DoorDash form coalition in Washington state to ‘protect driver independence’

Five evenings a week, sometimes more, Carmen Figueroa gets into her car, signs into her GrubHub account and sets out for a night of deliveries. She averages three-to-four deliveries an hour and five or six hours of work each night. She made about $570 a week in January, which was a jump from the $530-a-week …

Uber Jumps On Blowout Earnings Despite Disappointing Guidance

One day after pure-play ridesharing platform Lyft posted earnings that were mixed, if seen as disappointing and sending the stock lower on Wednesday before it staged a remarkably rebound and closing +6.8%, moments ago Uber reported earnings for the fourth quarter of fiscal 2021 and which while solid on a historical basis, were soft when …

Uber to shutter most of its service in Belgium tomorrow after court ruling

Uber will halt its ride-hailing service in most of Belgium tomorrow following a court ruling Wednesday that extends a 2015 order banning its p2p UberPop service to also cover professional drivers providing its ride-hailing service. Uber told us that it is studying the detail of the ruling to decide whether to appeal the decision with …

Uber One bundles rides, deliveries, and food for $50 per year

Uber is no stranger to subscriptions, offering Amazon Prime-style benefits for a monthly fee since 2018. Today, the company is rolling out its latest, dubbed Uber One, which is aimed at highlighting the company’s post-pandemic shift to food and grocery delivery. For $9.99 a month or $49.99 a year, Uber One members will get access to …

Olo, Uber Expand Restaurant Delivery Fulfillment to Include Alcohol

Olo, which works in on-demand commerce for restaurants, is working alongside Uber to integrate tech to help restaurants expand, a press release says. Uber will put its Uber Direct tech into Dispatch, the delivery fulfillment solution from Olo. That will make efficient delivery technology available. “Through the expansion of our partnership with Uber, we are now able …

Uber Freight Partners with Marqeta and Branch to Offer Faster Payments and Fuel Rewards for Carriers

LAS VEGAS–(BUSINESS WIRE)–On stage at Money 20/20, Marqeta (NASDAQ: MQ), the global modern card issuing platform, today announced it is partnering with Branch, a leading workforce payments platform, and Uber Freight to bring fast, reliable payments and carrier-first financial services to the logistics and transportation industries. “Uber Freight is not only offering carriers greater customization and visibility in the load …