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☆ Lyft agrees to pay $2.1 million penalty after FTC says company made 'deceptive' claims about how much drivers can earn
▼ + stars: | 2024-10-26 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +4 min

Lyft agreed to a proposed settlement that included a $2.1 million civil penalty. AdvertisementLyft has agreed to pay a $2.1 million civil penalty as part of a proposed settlement following a federal lawsuit, according to the Federal Trade Commission. Lyft agreed to a proposed settlement that included a $2.1 million civil penalty. Related stories"After productive discussions, we have agreed to pay the FTC $2.1 million USD to resolve their concerns. AdvertisementThe settlement requires Lyft to pay a $2.1 million civil penalty.

Persons: Lyft, —, Kelly Sullivan Organizations: US Department of Justice, Lyft, FTC, Service, Federal Trade Commission, Federal Trade, Drivers Locations: New Jersey

☆ Rideshare companies could expect competition from Tesla over time, says Melius Research's Cunningham
▼ + stars: | 2024-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRideshare companies could expect competition from Tesla over time, says Melius Research's CunninghamConnor Cunningham of Melius Research joins CNBC's 'The Exchange' to discuss why Uber and Lyft's stocks should not be bouncing after Tesla's robotaxi event, outlooks on rideshare stocks, and more.

Persons: Melius Research's Cunningham Connor Cunningham, Uber Organizations: Melius Research

☆ The 3 worst things about being an Uber or Lyft driver
▼ + stars: | 2024-08-09 | by ( Jacob Zinkula | Noah Sheidlower | ) www.businessinsider.com time to read: +10 min

In the second quarter of this year, Uber drivers completed 2.2 billion trips across the company's ride-hailing and delivery platforms; Lyft drivers completed roughly 200 million trips. Avedian shared what he considers to be the top concerns of Uber and Lyft drivers: declining pay, driver safety, and wrongful deactivations. An Uber spokesperson told BI that drivers, on average, make more than $30 an hour while active in the app. AdvertisementGeorge, a full-time Uber driver in Cleveland who has driven since 2017, said he wants to quit but has few other options. AdvertisementJulie, a part-time Uber driver in Cleveland, hasn't always felt safe during her five years in the gig economy, she previously told BI.

Persons: —, Lyft, Sergio Avedian, Guy, Uber, Dara Khosrowshahi, Avedian, David Risher, George, Julie, hasn't, Aaron Lavender, Lavender Organizations: Service, Business, Wall, Wednesday, Drivers, BI, UC Berkeley, Uber, Lyft Locations: Cleveland, Colorado, Oregon

☆ Lyft is pulling back on 'rideshare's most hated feature.' But it's the way of the future for many big companies.
▼ + stars: | 2024-08-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewPeople hate surge pricing — and Lyft says it hears them. The feature would compete with Uber by giving customers some certainty ahead of time as to how much they'll pay for a ride; Risher said surge pricing is "probably rideshare's most hated feature." Economists have told Business Insider that as algorithms get better and more retails adopt easily-changed digital price tags, customers could start seeing it in even more places. Elizabeth Warren and Bob Casey also launched an investigation into Kroger's price tags over their potential to surge prices. But when looking at technological innovations at other big companies to make it easier to change prices, stable pricing likely won't come anytime soon.

Persons: —, Lyft, David Risher, Price, Risher, Elizabeth Pancotti, Democratic Sens, Elizabeth Warren, Bob Casey, it'll Organizations: Service, Business, Uber, Walmart, Kroger, Roosevelt Institute, Democratic, Cincinnati Enquirer

☆ Lyft just upped the ante in its battle against Uber by taking aim at surge pricing
▼ + stars: | 2024-08-08 | by ( Alex Bitter | ) www.businessinsider.com time to read: +3 min

Lyft calls surge pricing "Primetime," and CEO David Risher admitted on an earnings call on Wednesday that it has a bad reputation among customers. While surge pricing isn't ending, Risher said Price Lock "can chip away at how often it occurs" and give riders "a reason to choose Lyft." Related storiesAn Uber spokesperson did not immediately respond to Business Insider's request for comment on Price Lock. Rideshare apps like Uber and Lyft are some of the most visible examples of what the retail industry calls "dynamic pricing." AdvertisementBut surge pricing has since become a common part of using rideshare services.

Persons: —, Uber, David Risher, Risher, Price, They're, Dara Khosrowshahi Organizations: Service, Business, Companies, Walmart, Reuters

☆ Uber, Lyft and the gig economy think they've found a way to win the national labor war
▼ + stars: | 2024-08-06 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +10 min

While only applicable in California, labor law experts expect momentum to spread to other states where the issue hasn't yet been tested. 22 went into effect, more than 80% of California drivers surveyed said that it has been good for them. In other high-population states, there has been a wave of recent actions and compromises between the companies and the states. In November, New York announced two settlements totaling $328 million with Uber and Lyft to resolve multi-year investigations. The state had been seeking a court determination that Uber and Lyft drivers are employees, not independent contractors.

Persons: Caroline Donelan, Uber, Brazil —, Gary McLaughlin, Mitchell Silberberg, Lyft, there's, James Yukevich, Yukevich Cavanaugh, it's, Tony West, Kamala Harris, general's, Michael M, Baylson, Donelan, Massachusetts Uber, Verrett, John Wicker, Stradling Yocca Carlson, There's, Gregory P, Feit, Reavis Organizations: California Supreme, Blank, Employees, New York, Pew Research, Washington Post, Democratic Party, Transportation Network Companies, federal, Labor, Union, United, 32BJ SEIU, Service Employees International Union, International Association of Machinists, SEIU, Rauth Locations: California's, U.S, California, New, New York State, Massachusetts, Australia, Brazil, Washington, New York , Massachusetts, Pennsylvania, Minnesota, Florida, Minneapolis, In Massachusetts

Chase Sapphire Reserve® OverviewThe Chase Sapphire Reserve® is one of the best travel rewards credit cards of all time. Chase Sapphire Lounges will be available to Chase Sapphire Reserve® cardholders and all Priority Pass members. Chase Sapphire Reserve® vs. Chase Sapphire Preferred® CardIf you're trying to decide between the Chase Sapphire Reserve® and Chase Sapphire Preferred® Card, you'll want to decide if each card's annual fee is justified based on your travel and spending habits. Chase Sapphire Reserve® Cardholder InsightsAs part of our analysis of the Chase Sapphire Reserve®, we've considered discussions across various forums, including notable mentions on Reddit and FlyerTalk. Chase Sapphire Reserve® Frequently Asked QuestionsWhat credit score do you need to get the Chase Sapphire Reserve®?

Persons: Chase, Chase Travel ℠, you'll, Sapphire, John F, Chase Sapphire, You'll, Uber Cash, we've, you'd, you've, they'll, David E, David, —, Read, Katherine Fan, Katherine, Guy, Fortune, Katherine moonlights, she's, She's, Angela Fung Organizations: Business, American, Chase, Chase Travel, Sapphire, Chase Sapphire, TSA, FDIC, Chase Dining, American Express, Hong Kong International Airport, New, Kennedy, LaGuardia, Rental Insurance, Avis, Avis , National, Emergency, Transportation, Sapphire Reserve, Reserve, Capital, Venture, Centurion, overpaying, Yorker, Muhlenberg College, University of Edinburgh, Twitter, Finance, Cards, CNN, Forbes, Wall, Dallas Morning News, Newsweek, Nasdaq, MSN, Yahoo, SXSW, Austin American, Statesman, University of Texas, National Taiwan University Locations: DoorDash, airfare, Boston, Austin, Canada, Avis ,, Seattle, Redbird, Los Angeles, Healdsburg , California, New York City, Chicago, Reddit, Dallas , Denver, Dulles, Las Vegas, New York, Hong Kong, Chevron, There's, Slotnick, Scotland, orcas, Antarctica, Japan, New Zealand, South Africa, Taiwan

Oppenheimer raised its price target on Microsoft to $500 on the potential of increasing AI adoption. Shares of AT & T are up 9% on the year, but analyst Michael Rollins' $20 price target implies that shares could rise another 9%. Analyst Andrew Obin upgraded the Post-it and Scotch parent to buy from neutral and raised his price target by $15 to $120. Analyst Christopher Nardone upgraded the shoe maker to buy from neutral and raised his price target by $16 to $87. Analyst Jay Sole upped his price target on the clothing maker by $14 to $174, now suggesting upside of 43.4%.

Persons: Oppenheimer, Exxon, Neal Dingmann, Dingmann, aren't, — Spencer Kimball, Michael Rollins, Rollins, Lisa Kailai Han, BofA, Andrew Obin, William Brown, Michael Roman, Brown, Obin, — Alex Harring, Christopher Nardone, Nardone, Skechers, Jeffrey Zekauskas, Zekauskas, Huntsman, Benjamin Soff, Soff, Fred Imbert, PVH, Jay Sole, Calvin Klein, Tommy Hilfiger, Sole, Alex Harring, Morgan Stanley, Dara Mohsenian, Mohsenian, Anthony Chukumba, Chukumba, Gavin Parsons, Parsons, Tami Zakaria, Zakaria, Herc, Morgan, Tim Hsiao, Bernstein's Eunice Lee, NIO, America's Ming Hsun Lee, Timothy Horan, Horan, Rob Sanderson, Sanderson Organizations: CNBC, Microsoft, Loop, Exxon, Natural Resources, Citi, AT, VZ, Bank of America, Huntsman, JPMorgan, Deutsche Bank, UBS, Colgate, Palmolive, Loop Capital, UBS shaves, Boeing, Rentals, United Rentals, Herc Holdings, Wall, 3Q, Bank, OpenAI Locations: Truist, Guyana, OPEC, Thursday's, America's

☆ Lyft's CEO faces pushback after driving for the app and posting about how great it was
▼ + stars: | 2024-06-04 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Read previewSome Lyft drivers are deriding a LinkedIn post by the company's CEO after he spent an hour and a half shuttling customers around Napa Valley over the weekend. The CEO, David Risher, posted on Monday about a series of rides he completed in California's wine county. Related storiesSome comments on the post lauded the CEO for seeing what the job that keeps his company running is actually like. "Some people claim that Lyft drivers are friendlier, but that's a misconception since most of us drive for both companies." AdvertisementA Lyft spokesperson told Business Insider that Risher completed the rides without a status boost under the Lyft Rewards program.

Persons: —, David Risher, Risher, LinkedIn Risher, Lyft, Uber, commenter, Dara Khosrowshahi, He's, Khosrowshahi Organizations: Service, Lyft, Business, LinkedIn, Gilbert AZ, Tempe AZ, Drivers Locations: Napa Valley, California's, Napa, Gilbert, San Francisco

☆ Swifties are some of the best tippers, Lyft CEO says
▼ + stars: | 2024-05-31 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

Swifties are "more generous" with their tips when attending a concert, Lyft's CEO said. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTaylor Swift fans are less likely to skimp on gratuities when they're excited to see their favorite pop star perform. Lyft CEO David Risher said Swifties are good tippers when the Eras Tour comes to town.

Persons: Lyft's, Taylor, —, Taylor Swift, David Risher, Risher Organizations: Service, Business

☆ I was laid off from Lyft and it was a relief. Here's exactly how I used my severance to land somewhere better.
▼ + stars: | 2024-04-12 | by ( Robin Madell | ) www.businessinsider.com time to read: +7 min

Here are the best ways I spent my severance package. Related storyI put $3,000 from the severance package directly toward the business for basic costs to get my idea off the ground. My severance package gave me the chance to attend conferences and events and make connections that guided my next career move. I also used severance funds to join professional organizations related to my new field, giving me networking opportunities and industry resources. My severance package became a pivotal resource not just to weather the immediate storm of my job loss, but for starting a new career narrative.

Persons: Li, —, Ziwei Li, It's, I'd, I've Organizations: Service, Wei, San Diego Zoo Locations: California, San Diego, LA, La Jolla

☆ The gig economy, overemployment, and job switching have made it easier than ever to boost your income. But those strategies aren't always worth it.
▼ + stars: | 2024-03-18 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Some side hustles come with a significant time investment and unpredictable pay. Related storiesNot all side hustles come with the time investment that ride-hailing does. But everyone with a side gig is faced with the same question: Are the extra working hours worth the financial reward? Only eight months after he started, he resigned from his two extra roles and decided to stop job-juggling for the time being. But all prospective job-switchers are faced with the same question: Are the uncertainties that come with a new job worth the financial reward?

Persons: —, switchers, Lyft, There's, overemployment Organizations: Service, Business, Harris Poll, Uber, Twin Cities, Bureau of Labor Statistics —, Federal Reserve Bank of Atlanta, Harris, Atlanta Fed Locations: Atlanta, Minnesota, Texas

☆ Uber and Lyft are threatening to leave Minneapolis over a ride-hailing proposal supporters say would guarantee drivers earn the city's minimum wage
▼ + stars: | 2024-03-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +10 min

The conversation around ride-hailing driver pay has been heating up across the country over the past year. AdvertisementLoren Balazs, a full-time driver in Minneapolis, told BI he's worried the city council's proposal would hurt his ride-hailing business. The study estimated that a minimum pay rate of $1.21 per mile and $0.49 per minute would guarantee drivers earned the city's minimum wage. AdvertisementThe debate over minimum pay for ride-hailing drivers has been building in Minneapolis for over a year. Tim Walz vetoed a bill that would have established minimum pay standards for Uber and Lyft drivers.

Persons: —, Erin Hatton, Jacob Frey, Lyft, Lyft haven't, Uber, behemoths wouldn't, aren't, Axios, Alexandrea Ravenelle, Sergio Avedian, Guy, Austin, Avedian, Joe Pierce, he'd, Loren Balazs, Sheri Wegner, they'll, Mayor Frey, Tim Walz Organizations: Service, Business, University at Buffalo, Minneapolis City Council, Minneapolis, New, Seattle, Minnesota, University of North, Star Tribune, Minnesota Gov, Uber, Minneapolis City Locations: Minneapolis, Minneapolis ? Minnesota, New York City , Washington, California, Chicago and Massachusetts, Washington, Seattle, Minneapolis . Washington, Alexandrea, University of North Carolina, Minnesota, Twin Cities

Companies with upcoming IPOs can offer directed share programs to qualifying groups of retail investors to buy IPO stock. Rather than buying shares through a broker, a directed share program allows investors to buy IPO stock directly from the company. AdvertisementCompanies may offer a directed share program to employees, vendors, or, in Reddit's case, loyal users and moderators. The risk involved with directed share programsOne of the risks associated with directed share programs is that a DSP may harm the company's IPO by causing the IPO value to inflate. How to participate in Reddit's directed share programReddit began rolling out directed share program pre-registration invitations to certain users and moderators on February 22, 2024.

Persons: you'll, Reddit, Redditors, Insider's, Will McDonough, McDonough, Airbnb, Uber, —, there's, Reddit's Organizations: Companies, Corestone, New York Stock Exchange, Reddit, IPOs, DSP Locations: IPOs

On a more positive note, Guggenheim upgraded GSK to buy thanks to strength across multiple product pipelines. Elsewhere, RBC upgraded Lyft to outperform, calling for a major rally ahead. Analyst Brad Erickson upgraded Lyft shares to outperform from sector perform, and raised his price target by $6 to $23, implying roughly 40.7% potential increase. — Pia Singh 6:10 a.m.: DoorDash upgraded by RBC on new partnerships potential, higher order growth RBC Capital Markets upgraded DoorDash to outperform from sector perform. Analyst Seamus Fernandez upgraded shares to buy from neutral and assigned a £20.31 price target, representing 21% upside to GSK's latest close.

Persons: Guggenheim, Wells Fargo, Timur Braziler, Braziler, — Pia Singh, Lyft, Brad Erickson, Erickson, Seamus Fernandez, Fernandez, Citi downgrades Ferrari, Ferrari, Harald Hendrikse, Fred Imbert Organizations: CNBC, Citi, Ferrari, GSK, RBC, Popular, RBC Capital Markets RBC Capital Markets, DASH, Capital Markets, Guggenheim Securities, drugmaker GSK, Guggenheim Locations: Wells Fargo, Puerto Rico, U.S, Wells, Shingrix, Arexvy, Milan

☆ Stocks making the biggest moves premarket: Super Micro Computer, Deckers Outdoor, Macy's and more
▼ + stars: | 2024-03-04 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Super Micro Computer , Deckers Outdoor — Shares of Super Micro Computer and Deckers Outdoor jumped 12% and 5%, respectively, after S & P Dow Jones Indices said Friday the two companies would be added to the S & P 500 later this month. They will replace Whirlpool and Zion Bancorp, which will move to the S & P MidCap 400 index as of the March 18 open. Macy's — Macy's stock skyrocketed nearly 17% after Arkhouse Management upped its buyout offer for the department store chain to $24 from $21 a share, or about $6.6 billion. Crypto stocks – Companies whose performance is tied to the price of bitcoin rose in premarket trading after the cryptocurrency touched another two-year high . Spirit AeroSystems , Boeing — Shares of the fuselage maker rose nearly 3%.

Persons: Dow, CleanSpark, AeroSystems, Lyft, Morgan Stanley, Li Auto, Piper Sandler, Brian Mullan, — CNBC's Lisa Han, Fred Imbert, Tanaya, Hakyung Kim, Jesse Pound, Michelle Fox Organizations: Micro Computer, Dow Jones, Whirlpool, Zion Bancorp, Arkhouse Management, Apple, European Commission, Marathon, Iris Energy, RBC, Boeing —, Boeing, Max, —, Citi, Li Auto, Li, Mobile

☆ I was Lyft's former head of PR. I'm really not surprised by their earnings blunder.
▼ + stars: | 2024-02-15 | by ( Will Valentine | ) www.businessinsider.com time to read: +6 min

Forty-eight hours later, it seems Lyft's earnings mistake has reached meme level in business circles. My immediate thought was probably the same as most people when I heard the news: oof, that's a really, really bad mistake. In fact, in my Visa days, my wife and twin toddlers would decamp to grandma's house for two weeks because we knew I'd be fully consumed with the earnings process. While their intentions are almost always positive, it's essential to avoid team bloat in the earnings process. By prioritizing a meticulous approach to the process, companies can transform earnings season from a high-risk ordeal into a showcase of reliability and precision.

Persons: it's, that's, I've, I'd, who's, It's, Will Valentine, Valentine Organizations: Service, Business, Visa, Pandora, Valentine Advisors, Lyft

☆ Lyft CEO takes blame for 'extra zero that slipped' into earnings release
▼ + stars: | 2024-02-14 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Lyft CEO David Risher took responsibility for the major error that appeared in the company's fourth-quarter earnings release late Tuesday, telling CNBC's "Squawk Box" that it's "super frustrating" for everyone on the team. It is an extra zero that slipped into a press release." Lyft reported $1.22 billion in revenue for the quarter, an increase of 4% from $1.175 billion a year earlier. In a note titled, "Lyft: We all make mistakes," analysts at MoffettNathanson raised their rating on the shares to neutral from sell. "Typos aside, we too are guilty of a mistake," the analysts wrote, citing their downgrade on the stock in October.

Persons: David Risher, CNBC's, Lyft, Erin Brewer, Risher, we've, Gross, MoffettNathanson, — CNBC's Ari Levy

☆ Lyft CEO says 'unacceptable' earnings error was 'my bad'
▼ + stars: | 2024-02-14 | by ( Ana Altchek | ) www.businessinsider.com time to read: +2 min

Lyft CEO David Risher apologized for a typo that led to a 60% stock surge. AdvertisementLyft's CFO can breathe easy — her boss isn't making her the fall person for a major earnings typo. "There are a lot of eyes on this press release, but at the end of the day, my bad." "It's an unacceptable error," Risher said. Within seconds of realizing the error, the CEO said Lyft quickly corrected the mistake.

Persons: David Risher, Risher, —, isn't, Lyft, Erin Brewer, it's Organizations: Service, Bloomberg, Wall

☆ Lyft shares up 16% in premarket trade, retaining some gains after forecast error
▼ + stars: | 2024-02-14 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

A Lyft sign is seen in the pick-up area at JFK Airport in New York City on April 28, 2023. Lyft shares were 16% higher in premarket trade on Wednesday, retaining some gains after the company said it made a major error in a press release reporting its latest results, but still outperformed analyst estimates. A release initially said the company was forecasting a 500 basis point, or 5%, expansion of its adjusted earnings margin for 2024. Lyft stock initially shot up more than 60% higher in extended trade after the report, before cooling significantly on the correction. The company's full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) swung from a $416.5 million loss to a $222.4 profit.

Persons: Erin Brewer, Cowen, Lyft's Organizations: JFK Locations: New York City

☆ Nightmare on Wall Street: A Lyft typo projected profit to be 10x better than it really is.
▼ + stars: | 2024-02-14 | by ( Alistair Barr | ) www.businessinsider.com time to read: +3 min

Lyft mistakenly forecast 500 basis points of margin improvement for 2024, causing a stock surge. The error was later corrected to 50 basis points, and the shares came back to earth. Despite the typo, Lyft predicts healthy growth in rides for 2024. A closely watched profit margin should expand by about 500 basis points in 2024. Just not 500 basis points.

Persons: Lyft, — Organizations: Service, Wall

☆ Watch CNBC's full interview with SEC Chair Gary Gensler
▼ + stars: | 2024-02-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with SEC Chair Gary GenslerSEC Chair Gary Gensler joins 'Squawk Box' to discuss the approval decision of spot bitcoin ETFs, the state of bitcoin and cryptocurrency at large, crypto regulation, Lyft's earnings report error, Elon Musk's pay package, and more.

Persons: Gary, Gary Gensler, Elon Organizations: SEC Locations: bitcoin

☆ Looking for dividend income? Jim Cramer says consider this beverage giant's stock
▼ + stars: | 2024-02-14 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

Overall, it was an "unbelievably good quarter," Jim said. Coca-Cola : The beverage giant's fourth-quarter earnings met Wall Street expectations, while sales exceeded analyst projections. I think that stock works its way higher over time," Jim said. Meanwhile, Uber announced a $7 billion stock buyback program, which Jim called "really nice." It was a very good quarter," Jim said.

Persons: Jim Cramer, Harley Finkelstein, Jim, David Risher's, Uber, Kraft, Oscar Mayer Organizations: Management, Kraft Heinz, Robinhood

☆ Here's how much Lyft says its drivers make — and how much their expenses add up
▼ + stars: | 2024-02-08 | by ( Noah Sheidlower | Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

This accounts for tips, bonuses, and expenses — and defines an engaged hour as time spent on rides. AdvertisementHow Lyft calculates earnings and expensesUsing car ownership data from AAA, Lyft estimated that the typical driver has $7.02 per engaged hour in marginal driving expenses, bringing the typical driver's net earnings per engaged hour, after expenses, to $23.46, per Lyft's calculations. Lyft said a large majority of its drivers don't solely rely on Lyft driving for their total income. 94% of Lyft drivers drive less than 20 hours a week, while two-thirds drive for other apps. Nationwide, the 20th percentile for Lyft driver earnings averaged $17.46 per hour after expenses, while the 80th percentile is $33.09 per hour.

Persons: Lyft, —, Uber, Sergio Avedian, Guy Organizations: Service, AAA, BI, Nationwide, Chicago, Business Locations: Southern, Atlanta, Dallas, Houston, Miami, Orlando, Charlotte

☆ Lyft says it's going to give some of its drivers a pay bump
▼ + stars: | 2024-02-07 | by ( Jacob Zinkula | Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

Lyft reported that drivers, on average, took home 88% of rider payments after external fees. AdvertisementIn recent months, several Uber and Lyft drivers have told BI that ride-hailing has become less profitable than it used to be. Lyft also noted that drivers can now see the breakdown of how each rider's payments are split between drivers, Lyft, and external fees. Still, 94% of Lyft drivers only drive less than 20 hours a week and use driving to supplement other income. In November 2023, Lyft agreed to pay $38 million to settle claims that it improperly collected some fees and taxes from New York drivers — Uber agreed to pay $290 million.

Persons: Lyft, —, David Risher, Sergio Avedian, Uber, Guy, Avedian, he's, Kara Swisher, Dara Khosrowshahi, — Uber Organizations: Service, Drivers, Cleveland Uber, New, New York State, Elite, EV Locations: Cleveland, New York City, Seattle , California, New York, Minneapolis , Chicago, Massachusetts

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