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☆ People are getting taxed for gig work they've never done
▼ + stars: | 2024-04-06 | by ( Alex Bitter | ) www.businessinsider.com time to read: +7 min

It claimed that his wife, Kelly, hadn't paid about $10,000 in taxes on income from her work on DoorDash. None of them referenced Gardner's actual Social Security number, though all included the last four digits of other people's Social Security numbers. The hack gave the attackers access to Social Security numbers and other personal information about the drivers, the retailer said. Gardner, who had previously used DoorDash as a customer, said she ultimately ignored the 1099s she received. Do you work for DoorDash, Instacart, Walmart Spark, or another gig delivery service and have a story idea?

Persons: —, Brandon Emerson, Kelly, hadn't, DoorDash, Brandon, She's, @Uber I've, Michael M Organizations: Service, Business, Social, Uber Locations: Rochester , New York

☆ DoorDash shares jump 16% on guidance, narrowing net loss
▼ + stars: | 2023-11-02 | by ( Jake Piazza | In | ) www.cnbc.com time to read: +2 min

DoorDash shares jumped over 16% Thursday, a day after the company beat Wall Street's top- and bottom-line expectations. The company reported $2.2 billion in revenue, ahead of the $2.1 billion analysts were expecting, according to LSEG, formerly known as Refinitiv. It posted a loss per share of 19 cents, beating the consensus expectation of a loss per share of 40 cents. DoorDash reported a net loss of $73 million, an improvement from the $295 million net loss, or a loss of 77 cents per share, it reported in the year-ago quarter. DoorDash also reported 543 million total orders, up 24% year over year from 439 million orders, though that's down from the 27% growth in the year-ago quarter.

Persons: Tony Xu, DoorDash, Wall, Xu, haven't Organizations: DoorDash Inc, Street, Tech, JPMorgan, U.S ., CNBC PRO Locations: Laguna Beach , California, U.S

REUTERS/Arnd Wiegmann//File Photo Acquire Licensing RightsSept 28 (Reuters) - A New York state judge on Thursday rejected a bid by Uber Technologies Inc (UBER.N), DoorDash Inc and Grubhub Inc to block New York City's novel law setting a minimum wage for app-based delivery workers. The law will require companies to pay delivery workers $17.96 an hour, which will rise to nearly $20 in April 2025. App-based delivery workers are usually treated as independent contractors rather than company employees, so general minimum wage laws do not apply to them. They say city officials based the minimum wage law based on flawed studies and statistics. The companies allege the city's surveys of delivery workers were biased and designed to elicit responses that would justify a minimum wage.

Persons: Arnd, Nicholas Moyne, Moyne, Uber, Daniel Wiessner, Chris Reese, Aurora Ellis Organizations: REUTERS, Uber Technologies, DoorDash Inc, Grubhub Inc, New York, Companies, New York City Department of Consumer and Worker, Thomson Locations: Davos, Switzerland, York, Moyne, United States, Albany , New York

REUTERS/Angus Mordant/File Photo Acquire Licensing RightsNEW YORK, Sept 19 (Reuters) - A federal judge on Tuesday said DoorDash (DASH.N), Grubhub (TKWY.AS) and Uber Eats (UBER.N) can sue New York City over a law capping how much they can charge restaurants for delivering meals. "Good news from New York City," CEO of Grubhub's parent company Just Eat Takeaway, Jitse Groen, wrote on X, formerly known as Twitter. Woods said the plaintiffs adequately alleged that the law unconstitutionally interfered with their ability to collect higher commissions under their contracts with restaurants. The plaintiffs have said commission caps would necessitate higher delivery fees, resulting in higher prices for consumers and less revenue for restaurants. The case is DoorDash Inc et al v City of New York, U.S. District Court, District of New York, No 21-07564.

Persons: Angus Mordant, DoorDash, Gregory Woods, Nicholas Paolucci, Grubhub, Jitse Groen, Woods, Jonathan Stempel, Diana Mandiá, Mark Potter, Timothy Gardner Organizations: REUTERS, New, Constitution, New York, City Council, Council, Twitter, Thomson Locations: Manhattan , New York, U.S, New York City, Manhattan, New York, Amsterdam, San Francisco, City of New York, Gdansk

☆ DoorDash will switch to Nasdaq from the NYSE in blow to Big Board
▼ + stars: | 2023-09-14 | by ( Hayden Field | ) www.cnbc.com time to read: +1 min

DoorDash said on Thursday that it will transfer its listing from the New York Stock Exchange to the Nasdaq, a potential blow to the NYSE. "We are delighted to join a community of leading technology companies with our transfer to Nasdaq," DoorDash Chief Financial Officer Ravi Inukonda said in a statement. The NYSE has been attempting for years to secure more tech company listings and gain share against the Nasdaq. DoorDash initially began trading on the NYSE in December 2020, with a price of $182 per share. Its debut came at a popular time for tech IPOs, within months of the IPOs of Airbnb , Roblox and Wish , the discount marketplace.

Persons: Tony Xu, DoorDash, Ravi Inukonda, University of Florida's Jay Ritter, DoorDash's, Instacart Organizations: DoorDash Inc, Street, Tech, New York Stock Exchange, Nasdaq, NYSE, University of Florida's, Cloud, Big Board Locations: Laguna Beach , California

July 6 (Reuters) - Uber Technologies Inc (UBER.N), DoorDash Inc (DASH.N) and other app-based food delivery companies filed lawsuits on Thursday seeking to strike down New York City's novel law setting a minimum wage for drivers. The companies filed separate complaints in New York state court claiming the law, which takes effect next week, is based on a misunderstanding of how the food delivery industry works. Relay Delivery Inc also filed a lawsuit in the same court claiming the law will put the New York-based company out of business unless it raises the fees it charges to restaurants. The law will require that drivers be paid $17.96 an hour, which will rise to nearly $20 in April 2025. Reporting by Daniel Wiessner in Albany, New York; Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Daniel Wiessner, Josie Kao Organizations: Technologies, DoorDash Inc, Grubhub Inc, DoorDash, Companies, Thomson Locations: New York, York, Albany , New York

San Francisco-based DoorDash now projects annual adjusted EBITDA, a measure of profitability, between $600 million and $900 million, compared to previous outlook of $500 million and $800 million. "Consumer demand and engagement are stronger than ever, which has fueled growth across our topline," said Chief Financial Officer Ravi Inukonda. In the first quarter, total orders rose 27% to 512 million, while analysts on average had expected a 20.8% rise to 488.2 million, as per Refinitiv data. On Tuesday, Uber Technologies (UBER.N) also said that it expected "strong growth" in its food delivery unit over the next few quarters, signaling demand resilience. DoorDash's revenue rose 40% to $2.04 billion in the quarter ended March 31, compared to analysts' estimate of about $1.93 billion.

☆ Factbox: Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +8 min

read moreSpotify Technology SA (SPOT.N):Music streaming service Spotify is cutting 6% of its workforce, or roughly 600 roles. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. Workday Inc (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse is planning to cut about 3,000 jobs in the second quarter, Reuters reported. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

The Democrat-led Senate Health, Education, Labor and Pensions Committee voted 11-10 to approve Su, a civil rights lawyer and former California labor commissioner who has served as a deputy labor secretary since 2021. If Su is confirmed, she will replace Marty Walsh, who stepped down as labor secretary last month to become executive director of the National Hockey League players' union. Using contractors can be up to 30% cheaper for companies than employees. Industry groups representing companies in the ride-hailing, delivery and other sectors using contractors have launched an aggressive campaign to oppose Su's nomination. “The next Labor Secretary must embrace the flexible earning opportunities that app-based platforms have unleashed for millions of Americans," Sharp said.

☆ How DoorDash Uses Analytics and Forecasting Amid Economic Uncertainty
▼ + stars: | 2023-03-06 | by ( Mark Maurer | ) www.wsj.com time to read: +7 min

Jessica Lachs, vice president of analytics and data science at DoorDash Inc. Photo: DoorDash Inc.WSJ’s CFO Journal talked to Ms. Lachs, who reports to Mr. Inukonda, about how analytics support DoorDash’s financial operations, particularly at a time of high economic uncertainty. A cool thing that we did that empowers our CFO to make good decisions is by building out what we call the DoorDash item price index. We have our own internal price index that tracks and measures changes in the average item price on the platform weekly. Ms. Lachs: The experimentation the analytics team has done to help grow our grocery business is timely. The analytics team found that ensuring an item is in stock and available on the DoorDash platform is more important for consumer retention than providing a good substitution.

☆ DoorDash Sales Rose Last Quarter as Consumers Continued to Order Delivery
▼ + stars: | 2023-02-16 | by ( Sarah E. Needleman | ) www.wsj.com time to read: 1 min

DoorDash said its revenue was lifted by strong consumer demand, in part because of improved delivery speeds. DoorDash Inc.’s revenue rose last quarter, as consumers spent more on deliveries of food and household essentials even as prices rose and more restaurants reopened. DoorDash’s revenue in the three months through December grew 40% to $1.8 billion from a year earlier. Analysts surveyed by FactSet had predicted revenue of $1.77 billion.

☆ DoorDash beats revenue estimates as consumer demand remains strong
▼ + stars: | 2023-02-16 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

DoorDash continues to see consumers order more frequently, a company spokesperson told Reuters, adding that in 2022 it saw more consumers use the platform than ever. Total orders rose 27% to 467 million in the fourth quarter from the prior year. The San Francisco-based firm's revenue jumped 40% to $1.82 billion in the quarter ended Dec. 31. DoorDash expects full-year adjusted EBITDA, a measure of profitability, between $500 million and $800 million, compared with analysts' expectation of $591.8 million. Current finance chief Prabir Adarkar will take over as chief operating officer from Christopher Payne, who is retiring.

☆ Uber and Lyft Claim Big Gains for Their Ad Businesses
▼ + stars: | 2023-02-15 | by ( Patrick Coffee | ) www.wsj.com time to read: +4 min

Ride-hailing companies Uber Technologies Inc. and Lyft Inc. each say their nascent advertising businesses have grown significantly in recent months. PREVIEWThe ride-hailing rivals’ ad businesses are also important for the companies’ growth. Uber said increased ad revenue in the latest quarter was a key growth driver for its overall business. Lyft ad revenue increased “nearly seven times” in the fourth quarter compared with the previous quarter, according to Mr. Greenberger. But the companies’ ad prices offer a glimpse at their respective positions in the market.

☆ Factbox: Tech firms, Wall Street titans lead job cuts in corporate America
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +8 min

REUTERS/Lucy Nicholson/File PhotoFeb 8 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out a global economic downturn. Here are some of the job cuts by major American companies announced in recent weeks. TECHNOLOGY, MEDIA AND TELECOM SECTORIBM Corp (IBM.N):The software and consulting firm said it will lay off 3,900 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. MANUFACTURING SECTOR3M Co (MMM.N):The industrial conglomerate said it would cut 2,500 manufacturing jobs after reporting a lower profit.

☆ Factbox: Tech firms, Wall Street lead job cuts in corporate America
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +6 min

Jan 11 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. Job seekers wait before a job fair for airport related employment at Logan International Airport in Boston, Massachusetts, U.S., December 7, 2021. Blue Apron Holdings Inc (APRN.N):The online meal-kit company said it will cut about 10% of its corporate workforce, as it looks to reduce costs and streamline operations. Last year, company executives had said the home goods retailer was cutting about 20% of its corporate and supply chain workforce.

☆ Factbox: FACTBOX Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +5 min

Jan 10 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Cisco Systems Inc (CSCO.O):The networking and collaboration solutions company said it will undertake restructuring which could impact roughly 5% of its workforce. The effort will begin in the second quarter of the fiscal year 2023 and cost the company $600 million. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. Consumer and retail companies:Beyond Meat Inc (BYND.O):The vegan meat maker said it plans to cut 200 jobs this year, with the layoffs expected to save about $39 million.

☆ Factbox: Tech firms leading job cuts in Corporate America
▼ + stars: | 2023-01-04 | by ( ) www.reuters.com time to read: +9 min

Jan 9 (Reuters) - Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Microsoft Corp (MSFT.O):The software giant laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. However, Bloomberg later reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. CNN:Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

☆ Consumers Change Food-Delivery Habits
▼ + stars: | 2022-12-29 | by ( Preetika Rana | Heather Haddon | ) www.wsj.com time to read: 1 min

Consumers are changing their food-delivery habits amid economic concerns and as the industry evolves from the growth it saw during the pandemic. Consumers continue to spend more on the biggest food-delivery apps DoorDash Inc. and Uber Technologies Inc.’s Uber Eats, but growth is slowing and people are spending more cautiously, analysts and industry executives said. People are switching to in-store pickups, ordering fewer dishes and changing what they get delivered, they said.

☆ Food-Delivery Apps Press to Amend New York City Fee Caps
▼ + stars: | 2022-12-12 | by ( Jimmy Vielkind | ) www.wsj.com time to read: 1 min

Delivery companies Grubhub and DoorDash Inc. are pushing for enactment of a bill in New York City that would amend the city’s cap on the fees they can charge restaurants—a measure the companies say is urgent as a new minimum wage for delivery workers takes effect next year. Grubhub retained a former state senator and a top adviser to Mayor Eric Adams ’s 2021 campaign as it pushes for legislation introduced last month. The bill would require companies to offer basic delivery services at the capped 15% commission, but allow them to charge restaurants a premium for additional functions like marketing.

☆ S&P 500 ends slightly lower after jobs report
▼ + stars: | 2022-12-02 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

The Labor Department's jobs report showed nonfarm payrolls rose by 263,000, above expectations of 200,000 and wage growth accelerated even as recession concerns increase. The Dow Jones Industrial Average (.DJI) rose 34.87 points, or 0.1%, to 34,429.88, the S&P 500 (.SPX) lost 4.87 points, or 0.12%, to 4,071.7 and the Nasdaq Composite (.IXIC) dropped 20.95 points, or 0.18%, to 11,461.50. The major averages notched a second straight week of gains, with the S&P 500 climbing 1.13%, the Dow gaining 0.24% and the Nasdaq rising 2.1%. The S&P 500 growth index (.IGX) declined 0.29% while technology shares (.SPLRCT) were among the worst performing among the 11 major S&P 500 sectors with a fall of 0.55%. The S&P 500 posted 20 new 52-week highs and no new lows; the Nasdaq Composite recorded 86 new highs and 92 new lows.

☆ Wall Street falls as jobs report keeps Fed on hike path
▼ + stars: | 2022-12-02 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

Stocks had rallied earlier in the week after Fed Chair Jerome Powell's comments on scaling back interest rates hikes as early as December. Even with Friday's weakness, the S&P 500 and Nasdaq were poised for a second straight week of gains, while the Dow showed modest losses for the week. Information technology shares (.SPLRCT) bore the brunt of selling pressure among the 11 major S&P 500 sectors, down 1.23% as the worst performer on the day. The S&P 500 growth index (.IGX) lost 0.79%. The S&P 500 posted 17 new 52-week highs and no new lows; the Nasdaq Composite recorded 59 new highs and 84 new lows.

☆ DoorDash Cuts Staff by 1,250 to Rein in Costs
▼ + stars: | 2022-11-30 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

DoorDash says its business remains strong and more resilient than other e-commerce companies. DoorDash Inc. is cutting corporate staff by about 1,250, or 6% of head count, as the food-delivery company works to rein in costs after a pandemic-fueled growth spurt, according to an internal memo from Chief Executive Tony Xu . “We were not as rigorous as we should have been in managing our team growth,” Mr. Xu said in the memo, which was viewed by The Wall Street Journal. “That’s on me. As a result, operating expenses grew quickly.”

☆ DoorDash cuts 1,250 jobs to control ballooning costs
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

Nov 30 (Reuters) - DoorDash Inc (DASH.N) said on Wednesday it was cutting about 1,250 jobs, or 6% of its total workforce, as the food-delivery company looks to keep a lid on costs to cope with a slowdown in demand. As a result, operating expenses grew quickly," Chief Executive Tony Xu said in a memo to employees that was posted on the company's website. "Given how quickly we hired, our operating expenses - if left unabated - would continue to outgrow our revenue." read moreWhile DoorDash's Xu reiterated that the business has been more resilient compared with other e-commerce companies, he said reducing non-headcount operating expenses "wouldn't close the gap." DoorDash, which closed an all-stock deal this year with Wolt, has total headcount of about 20,000.

☆ Sweden's H&M to lay off 1,500 staff in drive to cut soaring costs and rescue profits
▼ + stars: | 2022-11-30 | by ( Stine Jacobsen | ) www.reuters.com time to read: +3 min

The cuts by H&M, which employs roughly 155,000 people, are part of a plan laid out in September to save 2 billion Swedish crowns per year. "Keeping the lights and heating on in vast stores is becoming increasingly unaffordable with energy prices so volatile," she added. In contrast to H&M, Inditex reported in September quarterly sales growth and said it planned to hike prices to offset soaring costs. British fashion retailer Primark has announced plans to add 1,800 jobs in Spain and Britain as it expands. H&M said its savings would start to kick in from the second half of next year, while it will take a restructuring charge of 800 million Swedish crowns in the fourth quarter.

☆ DoorDash Cuts 6% of Staff, Joining Other Companies Reversing Pandemic-Fueled Hiring
▼ + stars: | 2022-11-30 | by ( Preetika Rana | Will Feuer | ) www.wsj.com time to read: 1 min

DoorDash Inc. said it is laying off around 1,250 people just weeks after offering a bullish outlook for its food-delivery business, extending a run of tech companies that have abruptly reversed course on hiring in recent months after blistering growth during the pandemic. Chief Executive Tony Xu said the cuts, equivalent to 6% of DoorDash employees, were the most difficult announcement in the company’s close to 10-year history.

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