Analyst Expects Trouble for Uber, Yelp, Grubhub. He Cut All His Internet Stock Estimates.

When it comes to the tech sector, there is no place to hide from the crushing blow to financial results that is coming as fallout from the coronavirus-triggered market meltdown and potential recession. On Wednesday, William Blair tech, media and communications analyst Ralph Schackart cut his estimates on every company on his coverage list to levels well below […]

Uber’s Path to Profitability Hinges on Uber Eats Margins, Says Bernstein

Uber’s (UBER) – Get Report path to profitability can only be paved if the company improves margins at its popular Uber Eats division, according to a note from Bernstein analyst Mark Shmulik. Uber Eats will need to improve Ebitda by $300 million for the fourth quarter to get Uber back to break-even, according to the firm’s math. Bernstein […]

Uber Loses Early Challenge to California Gig-Worker Law

(Bloomberg) — Uber Technologies Inc. failed to persuade a judge to shield its drivers from California’s gig-worker protection law while the company challenges the landmark measure in court.A federal judge in Los Angles rejected a request by Uber and Postmates Inc. to temporarily block enforcement of Assembly Bill 5, which aims to convert gig-economy workers […]

Uber sees profit by end of 2020, but still expects full-year loss

(Reuters) – Uber Technologies Inc (UBER.N) on Thursday moved forward by a year its target to achieve a measure of profitability to the fourth quarter of 2020, but the ride-hailing company still expects to lose a total of more than $1 billion this year. Uber shares were up 5% in after-hours trading on the news, […]

N.Y. ride-hailing drivers file suit against Uber, allege they are owed millions in undercut wages

Ride-hailing drivers in New York City have filed a lawsuit against Uber that claims the company wrongfully deducted taxes from their paychecks and did not pay them the full income they earned from rides. The lawsuit was filed in federal court in Manhattan on Wednesday by the New York Taxi Workers Alliance, an organization with about 22,000 […]

Uber launches staffing business in Chicago

After more than a year in stealth mode, Uber, which became synonymous with “gig economy,” is launching a staffing business in Chicago on Friday to supply on-demand workers to other companies. The new business, called Uber Works, has been in stealth mode in Chicago for more than a year. It’s the second business outside Uber’s original […]

Uber Is Suing The City Of New York

On Friday, Uber sued the city of New York over pieces of legislation that limit the amount of time that drivers can spend cruising the streets waiting for passengers and the amount of for-hire vehicles in the city. The first rule would eventually restrict drivers to cruising 31 percent of the time, meaning that they […]

Uber Has Raised Nearly $10 Billion in Four Months. It Needs More.

It’s now been just over four months since Uber (NYSE:UBER) went public, which was one of the most highly anticipated IPOs of 2019. When companies go public with a traditional IPO, they raise boatloads of capital that ideally should help fund growth going forward. In Uber’s case, it raised roughly $8 billion in net proceeds from the offering after […]

Uber Lays Off Hundreds More Workers as It Struggles to Make Money

SACRAMENTO — Uber laid off 435 workers in its product and engineering teams on Tuesday, the company’s second round of cuts in recent months as it struggles to make money. The cuts, which total about 8 percent of Uber’s global product and engineering group, follow 400 layoffs in July from the marketing team. In a […]

How Uber Makes Its Drivers Pay

Uber lost $5.24 billion in the second quarter this year and seems to have no clear path to profitability. But even that loss is understated, because a substantial part of the expense is not included in Uber’s income statement and is instead pushed onto drivers: the wear and tear the job puts on their cars. […]