Lyft Inc. looks to sublease a significant part of some of its most prominent U.S. offices, the Wall Street Journal reports. The Uber Technologies, Inc counterpart joined an array of companies aiming to shrink its real estate footprint to adjust to more remote working employees. Lyft aims to rent out parts of its office space in San…
Lyft Joins the Likes of Amazon to Sublease Offices to Curb Costs: Report
Lyft Posts Record Quarter, Sees Operating Profit of $1 Billion in 2024
Ride-hailing firm Lyft Inc. on Thursday forecast an adjusted operating profit of $1 billion for 2024 after reporting record earnings for the second quarter, betting on strength in the rideshare market as it rebounds from pandemic lows. Lyft’s shares jumped more than 8 percent in extended trading, as the company also reported profit above Wall…
Former Andrew Cuomo Staffer Killed After Being Kicked out Lyft Ride on Highway
A Maryland man who used to work for former New York Gov. Andrew Cuomo was killed by a passing car after being ordered out of a Lyft ride on a Delaware highway, according to authorities. Sidney Wolf, 43, of Clarksburg died on July 24 during a fatal pedestrian crash that happened in Dewey Beach, Delaware…
Uber, Lyft Drivers Claim Price-Fixing in Lawsuit Against Companies
A group of drivers for Uber Technologies Inc and Lyft Inc on Tuesday accused the companies of unfairly controlling how much passengers are charged for rides in an antitrust lawsuit in California state court. The lawsuit seeking class action status in San Francisco Superior Court alleged violations of California antitrust law, and state law prohibiting…
Lyft Pauses Hiring, Budgets to Beat Slowdown Following Uber’s Footsteps
Lyft, Inc. looks to slow hiring, reducing some of its departments’ budgets and granting new stock options to some employees to make up for its share price fall, the Wall Street Journal reports. Lyft joined rival Uber Technologies, Inc. in outlining cuts as investor optimism cooled on tech stocks. Lyft looked to prioritize fewer initiatives, not filling many of the current…
Uber Says No Need to Spend More on Labor
Uber has said that they will not need to spend more in order to lure drivers back to the app, attempting to reassure investors after the company’s preeminent competitor, Lyft, said that they would need to invest more heavily in labor costs after an unflattering quarterly earnings report. On Wednesday morning, Uber released its own…
Should Lyft and DoorDash Merge to Better Compete With Uber? Analyst Pierre Ferragu Thinks So
New Street analyst Pierre Ferragu thinks a merger between Lyft Inc and DoorDash Inc would drive a 30 percent upside to the combined company’s long-term EBITDA. Ferragu says combining the businesses would keep drivers busier, allowing them to make more money while also reducing the cost of finding new customers. The combination of food delivery and ride-sharing paid off for Uber…
Lyft Ties up With Payfare to Hike Fuel Cashback in Bid to Retain Drivers
Lyft Inc.’s Lyft Direct cardholders will receive an increase in cashback rewards of 4 percent to 5 percent on purchase of gasoline until June 30, the ride-hailing firm said on Monday, its latest move to retain drivers amid a rise in fuel prices. Chief Executive Officer Marco Margiotta said the higher cashback in partnership with…
Lyft Joins Uber in Charging Customers Extra for Fuel Amid High Gas Prices
March 14, 2022
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Lyft Inc. on Monday joined Uber Inc. to levy fuel surcharge on rides from customers in an attempt to cushion the impact on drivers’ pockets from higher fuel costs. “Driver earnings overall remain elevated compared to last year, but given the rapid rise in gas prices we’ll be asking riders to pay a temporary fuel…
Stock Wars: Lyft vs. Uber
Benzinga’s weekly Stock Wars matches up two leaders in a major industry sector with the goal of determining which company is the better investment. This week, the duel is between a pair of ride-hailing services: Lyft Inc. and Uber Technologies Inc.. The Case for Lyft This company began in 2012 as an app for Zimride, a…
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