Lyft’s shares tanked 17% on Wednesday after a soft forecast for the key summer quarter stirred worries that it may be losing ground to rival Uber. Uber, which reported strong results on Tuesday, and Lyft are locked in a tussle for market share in the North American ride-hailing sector. Benefiting from a global footprint and wider array of services, Uber … Read more
Lyft will implement several safety and governance reforms to settle a shareholder lawsuit accusing the ride-sharing company’s officers and directors of not doing enough to stop drivers from sexually and physically assaulting passengers. A preliminary settlement was filed on Tuesday night in the Oakland, Calif., federal court, and requires a judge’s approval. Lyft agreed to boost … Read more
A US appeals court on Monday rejected a bid by Uber, opening a new tab and subsidiary Postmates to revive a challenge to a California law that could force the companies to treat drivers as employees rather than independent contractors who are typically less expensive. An 11-judge panel of the 9th US Circuit Court of … Read more
For many immigrants facing language barriers and limited work opportunities, ride sharing platforms like Uber and Lyft offer a precious chance to earn a living. Are you considering a side hustle with flexible hours but worried about the future of ride sharing? Uber, a transportation giant since 2009, might still be the answer. In addition … Read more
Lyft and Uber said they will cease operations in Minneapolis after the city’s council voted Thursday to override a mayoral veto and require that ride-hailing services increase driver wages to the equivalent of the local minimum wage of $15.57 an hour. Lyft called the ordinance “deeply flawed,” saying in a statement that it supports a … Read more
A typo in Lyft’s earnings report overstated a key profit metric by a factor of 10 — sparking a 67% spike in its stock late Tuesday before management corrected the error and sent the shares tumbling. Late Tuesday after the close of regular trading, the ride-hailing app told investors in an investor slideshow that its … Read more
