Skip to main content
You have permission to edit this article.
Edit
Uber and Lyft

Uber and Lyft

  • Updated
  • 0
{{featured_button_text}}

Fresh off of their initial public offerings the year before and still struggling to show they can be profitable, the ride-hailing services were clobbered by the pandemic in 2020, as people stopped taking cars and huddled down at home.

In May, Uber laid off 3,700 people, or about 14% of its workforce. Lyft also announced job cuts.

But there are some signs of hope. After significantly reducing costs by restructuring in the second quarter, Lyft said last month it expects to have its first profitable quarter at the end of 2021. And the companies scored a major victory in California, where voters passed Proposition 22, granting them an others an exception to a law that sought to classify their drivers as employees, an expense that analysts thought would have pummeled their business in the nation’s most populous state.

Be the first to know

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Related to this story

Get up-to-the-minute news sent straight to your device.

Topics

Breaking News

Sports Breaking News

News Alert