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Uber posted its first full-year profit since going public in 2019 and its stock hit an all-time high Wednesday as strong bookings in the final quarter of the year pushed profit and revenue beyond Wall Street expectations. Like its final year as a private company, the last time Uber turned a profit, it got a huge tailwind from investments that helped fuel profits, $1 billion in 2023. The company earned $595 million, or 29 cents per share, in the same period last year. Revenue totaled $9.94 billion, beating Wall Street projections for $9.75 billion. For the year, Uber posted a profit of $1.89 billion, or 87 cents per share, on revenue of $37.28 billion.

Persons: Uber, ”, Dara Khosrowshahi, lockdowns, William Blair's Ralph Schackart, Gross, Khosrowshahi Organizations: Industry, Zacks Investment Research, Revenue, Uber Technologies Inc Locations: San Francisco

LOS ANGELES (AP) — Uber's stock is set to join the S&P 500 index later this month, the latest sign that the ride-hailing and delivery company is turning its business around after struggling through much of the pandemic. Inclusion in the S&P 500 can be a big boost for a stock because the index is widely tracked by many funds designed to mirror the holdings of the S&P 500, which is at the heart of many 401(k) accounts. Political Cartoons View All 1277 ImagesThe pandemic severely stymied Uber’s ride-hailing business as government lockdowns kept most people at home. Uber’s ride-hailing service, meanwhile, has since gradually bounced back. It wasn't until the third quarter when Uber qualified for inclusion in the S&P 500, with a trailing 12-month net income of $1.05 billion.

Persons: Dow, That’s, Uber’s, lockdowns, Uber, Wedbush Organizations: ANGELES, Dow Jones Indices, Uber Technologies Inc Locations: San Francisco

☆ Black cab U-turn: Uber to partner with London cabbies after decade of dispute
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +2 min

In recent years, London's black cab drivers - who have to pass a test called "The Knowledge" requiring them to memorise thousands of routes within the city - blocked the streets in protests against the ride-hailing service. The new service, which will be rolled out in early 2024, follows nearly a decade of tensions between the two parties, including an unsuccessful legal challenge by black cab drivers against Uber's London operating licence in 2019. Under the new arrangement black cab drivers will be offered jobs with a pre-determined price range through Uber, which they can accept or reject. Uber will not charge black cab drivers a commission for the first six months of the deal. Hameed Hameedi, the first London cab driver to sign up with Uber, said: "Nowadays more passengers than ever are using apps so Uber opening up to Black Cabs will be a huge advantage to the trade."

Persons: Andrew Brem, Uber, Hameed Hameedi, Farouq Suleiman, William James, Tomasz Janowski Organizations: Uber Technologies, Uber's London, Uber, cabbies, Thomson Locations: British, Britain, France, Germany, Spain, London

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

☆ Uber to appeal Brazil court's $205 million fine for irregular labor relations
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

The logo of Uber is seen at a temporary showroom at the Promenade road during the World Economic Forum (WEF) 2023, in the Alpine resort of Davos, Switzerland, January 20, 2023. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsCompanies Uber Technologies Inc FollowSAO PAULO, Sept 14 (Reuters) - Uber (UBER.N) on Thursday said it rejected a ruling from a Brazilian labor court ordering the ride-hailing firm to pay 1 billion reais ($205 million) in fines for irregular working relations with the drivers on its app. Uber said it will appeal the decision and will not adopt any of the measures listed in the sentence before all applicable resources have been exhausted. "There is evident legal uncertainty," it said in a statement, citing legal precedents involving other companies such as delivery platforms Lalamove, Loggi and Ifood, and taxi app 99. ($1 = 4.8677 reais)Reporting by Andre Romani; Writing by Carolina Pulice; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Uber, Andre Romani, Carolina Pulice, Leslie Adler Organizations: Economic, REUTERS, Technologies, SAO PAULO, Thomson Locations: Davos, Switzerland, Sao Paulo

☆ Uber rolls out electric bike fleet in Kenya, its first in Africa
▼ + stars: | 2023-08-31 | by ( Duncan Miriri | ) www.reuters.com time to read: +2 min

[1/5] Uber boda boda riders prepare to ride the first fleet of the company's electric product during their launch in Nairobi, Kenya, August 31, 2023. REUTERS/Monicah Mwangi Acquire Licensing RightsCompanies Uber Technologies Inc FollowNAIROBI, Aug 31 (Reuters) - Ride-hailing firm Uber (UBER.N) on Thursday launched an electric motorbike service in Kenya, its first in Africa, as the company seeks to make its global platform emissions free by 2040. Uber's new green product in Kenya, dubbed Electric Boda in a nod to the Swahili term for motorbike taxis, will comprise 3,000 bikes within six months, or just under a fifth of its fleet. The growth of the electric vehicles market in Africa has been slowed by a lack of adequate electric charging infrastructure and associated equipment. Motorbike transport is a big employer in Kenya, absorbing millions of people who are unable to secure formal jobs.

Persons: Monicah, Uber, Kagiso Khaole, Khaole, William Ruto, Duncan Miriri, Aaron Ross, Alex Richardson Organizations: REUTERS, Technologies, Thomson Locations: Nairobi, Kenya, NAIROBI, Africa, Nigeria, Ivory Coast, Ghana, Uganda, Tanzania, South Africa, Saharan Africa

☆ Corrie Driebusch — Reporter at The Wall Street Journal
▼ + stars: | 2023-08-18 | by ( Corrie Driebusch | ) www.wsj.com time to read: +1 min

Corrie DriebuschCorrie Driebusch covers the U.S. capital markets for The Wall Street Journal’s finance section where she regularly breaks news about the biggest IPOs. Corrie brings to her coverage a decade of experience covering the stock market and institutional investors to broaden the story beyond a stock’s first day of trading. Corrie previously wrote about the stock market and large retail brokerages for the Journal, as well as major market movers for Dow Jones Newswires. Prior to joining Dow Jones, she wrote for Institutional Investor's newsletter group, covering equity market structure and trading technology. Corrie graduated from the Medill School of Journalism at Northwestern University with a double major in political science and a concentration in economics.

Persons: Corrie Driebusch Corrie Driebusch, Corrie, Gerald Loeb, Dow Jones Newswires, Dow Jones Organizations: Technologies, Overseas Press, Global Inc, Institutional, Medill School of Journalism, Northwestern University

☆ Backup driver in 2018 Uber self-driving crash pleads guilty
▼ + stars: | 2023-07-28 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

Companies Uber Technologies Inc FollowJuly 28 (Reuters) - The backup safety driver behind the wheel of a self-driving Uber Technologies (UBER.N) test vehicle that struck and killed a woman in Tempe, Arizona, in 2018 pleaded guilty on Friday and was sentenced to probation, prosecutors said. The first recorded death involving a self-driving vehicle prompted significant safety concerns about the nascent autonomous vehicle industry. Police said previously the crash was "entirely avoidable" and that Vasquez was streaming "The Voice" TV program at the time of the crash. In 2019, the National Transportation Safety Board (NTSB) faulted Vasquez's inactions and Uber for inadequate attention to safety and decisions in the company's autonomous vehicle development. In 2020, Uber announced the sale of its autonomous driving unit to self-driving car startup Aurora for $4 billion.

Persons: Rafaela Vasquez, Uber, Vasquez, Elaine Herzberg, Rachel Mitchell, Vasquez's inactions, Herzberg, David Shepardson, Jonathan Oatis, Richard Chang Organizations: Uber Technologies, Technologies, Prosecutors, Police, National Transportation Safety Board, NTSB, Volvo, Aurora, Thomson Locations: Tempe , Arizona, Maricopa County, Tempe

Adolph sued Uber in 2019, claiming the company misclassified UberEats drivers as independent contractors rather than employees, who must be reimbursed for work expenses under California law. A unique California law called the Private Attorney General Act, or PAGA, allows workers to sue for employment law violations on behalf of the state and keep one-quarter of any money they win. The California Supreme Court said nothing in that law bars workers from pursuing claims on their own behalf in arbitration while separately litigating large-scale claims in court. Michael Rubin, who represents Adolph, said the ruling could spur companies to reconsider forcing workers' claims into arbitration if large-scale PAGA lawsuits can still proceed in court. Business groups maintain that arbitration is quicker and more efficient than court, allowing workers to recoup more money.

Persons: Erik Adolph, Adolph, Uber, Theane, Michael Rubin, Rubin, Daniel Wiessner, Alison Frankel, Alexia Garamfalvi, Josie Kao Organizations: Technologies, California Supreme, Private, Supreme, Viking, Business, Trade, U.S . Chamber of Commerce, Thomson Locations: California, U.S, Albany , New York, New York

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

☆ Lyft says CFO Paul to step down, appoints replacement
▼ + stars: | 2023-05-16 | by ( ) www.reuters.com time to read: +1 min

May 16 (Reuters) - Lyft Inc (LYFT.O) said on Tuesday Erin Brewer will replace chief financial officer Elaine Paul, who is leaving the ride hailing company months after a new CEO was appointed. The company said Paul, who has served as Lyft CFO since January 2022, was leaving on May 19, and announced Brewer's expected joining on July 10. Chief Accounting Officer Lisa Blackwood-Kapral will serve as finance chief in the interim. Brewer has previously served as the managing director, enterprise finance, at Charles Schwab & Co and head of strategy and finance at software company Atlassian. Reporting by Tiyashi Datta in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

[1/3] Alphabet CEO Sundar Pichai speaks at the Google I/O 2023 conference, in Mountain View, California, U.S., May 10, 2023. Called the Search Generative Experience, the revamped Google can craft responses to open-ended queries while retaining its recognizable list of links to the Web. "We are reimagining all of our core products, including search," Sundar Pichai, Alphabet's CEO, said after he took the stage at the event. Generative AI can, using past data, create brand new content like fully formed text, images and software code. WHAT OUTFIT TO WEARWith the embedded AI, Google still looks and acts like its familiar empty search bar.

Customers are applying Google's technology in ways both expected, such as a customer-service chatbot for Uber, and unusual, including AI to handle drive-thru orders at a Wendy's Co (WEN.O) fast-food restaurant in Ohio. Its cloud division posted its first-ever operating profit last quarter, and the AI technology that Google pioneered may help it narrow the gap with bigger players Amazon.com Inc (AMZN.O) and Microsoft Corp (MSFT.O). And it is exploring if Google's AI can craft research drawing from economic data, market reports and other content, to give the bank's customers and staff, said Leukert. Other companies using the technology include Adore Me, the Victoria's Secret unit drafting ad copy with AI in Google Docs, Kurian said. Reporting by Jeffrey Dastin in Mountain View, California Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

☆ Uber launches UK flight ticket bookings - FT
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] A banner announcing Uber Technologies Inc. hangs above the floor of the New York Stock Exchange (NYSE) during the company's IPO in New York, U.S., May 10, 2019. REUTERS/Andrew Kelly/File PhotoMay 10 (Reuters) - Uber Technologies Inc (UBER.N) has launched international and domestic flight bookings on its UK app, the Financial Times reported on Wednesday. The move is "the latest and most ambitious step" in the company's strategy to expand its core ride-booking business, Uber’s UK General Manager Andrew Brem told FT. The San Francisco-based company, which already offers train and coach ticket bookings in the UK, has begun rolling out the new feature for its UK customers and plans to expand in the coming weeks, the report said. Uber has partnered with travel booking company Hopper to sell flights and will take a small commission from each sale, the report said.

The Labor Department's report showed non-farm payrolls increased by 253,000 last month, higher than economists' expectations of 180,000. "This is a strong report and shows that the labor market is resilient. "It's been a tough week for the stock market, the regional banking problems have raised the fear factor, but Apple earnings came in strong. The S&P 500 has gained nearly 6% so far this year, while the S&P 500 Banks index (.SPXBK) and KBW Regional Banking index (.KRX) have lost 17% and 31%, respectively. ET, Dow e-minis were up 222 points, or 0.67%, S&P 500 e-minis were up 33.5 points, or 0.82%, and Nasdaq 100 e-minis were up 87 points, or 0.67%.

However, with inflation running well over the central bank's 2% target and a still-strong labor market, chances of rate cuts seem less likely. With Monday's manufacturing data giving the Fed enough room for more near-term tightening, all eyes will be on jobs and factory orders data after the opening bell. ET, Dow e-minis were down 79 points, or 0.23%, S&P 500 e-minis were down 7.5 points, or 0.18%, and Nasdaq 100 e-minis were down 6 points, or 0.05%. Educational services company Chegg (CHGG.N) tanked 45.6% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT. Icahn Enterprises LP (IEP.O) dropped 11% after U.S. short seller Hindenburg Research said it has a short position in activist investor Carl Icahn-controlled energy-to-pharma conglomerate.

☆ Uber confident on profit as ride-sharing makes strong start to 2023
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] Uber branding is seen on private hire vehicle at Chopin Airport in Warsaw, Poland, March 22, 2023. Shares of the company rose 10%, while those of smaller peer Lyft Inc (LYFT.O) gained 4% in pre-market trading. Uber is benefiting from its dominant position in key global markets as travel rebounds from a pandemic-induced lull. The dominant U.S. ride-sharing company also forecast gross bookings, the total dollar value from its services, between $33 billion and $34 billion, compared with expectations of $33 billion. Uber said adjusted EBITDA came in at $761 million, its highest on record as a public company.

☆ Futures slip ahead of Fed meet; U.S. debt ceiling jitters dent mood
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +3 min

The U.S. central bank is expected to deliver a 25 basis-point interest rate increase on Wednesday and then hold rates steady for the rest of 2023, according to economists in a Reuters poll. However, with inflation running well over the central bank's 2% target and a still-strong labor market mean chances of rate cuts seem less likely. Denting sentiment, Australia's central bank raised its cash rate by 25 basis points when traders were expecting an extended pause, citing too high inflation and warning of even higher rates. ET, Dow e-minis were down 72 points, or 0.21%, S&P 500 e-minis were down 7 points, or 0.17%, and Nasdaq 100 e-minis were down 1 points, or 0.01%. Educational services company Chegg (CHGG.N) slumped 44.7% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT.

☆ All eyes on Lyft's new CEO as Wall Street awaits turnaround plan
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

May 1 (Reuters) - Lyft Inc's (LYFT.O) revenue growth is likely to lag bigger rival Uber Technologies Inc (UBER.N) for the sixth straight quarter, with Wall Street eagerly looking forward to a turnaround plan from its new CEO David Risher. Lyft is expected to share more details on its growth plan at the first-quarter earnings call on Thursday. Revenue growth at its delivery business is expected to come in at 21.3%, while ride-sharing revenue is set to jump nearly 62%. The company, which has promised profitability by 2023 end, is expected to report adjusted earnings before interest, taxes, depreciation, and amortization of about $676 million - the highest on record. Lyft, meanwhile, is expected to report an adjusted net loss of $29.1 million, compared with an adjusted profit of $24.6 million, a year earlier.

☆ Starbucks, Ford, Apple Lead Another Busy Earnings Week
▼ + stars: | 2023-04-30 | by ( Sabela Ojea | ) www.wsj.com time to read: 1 min

Starbucks is set for its first quarterly report under its new president. Photo: Mark Hertzberg/Zuma PressApple Inc., Marriott International Inc. and Starbucks Corp. are among the companies that will report quarterly results in coming days, offering a closer look at consumer spending habits in a slowing economy. Ride-hailing company Uber Technologies Inc., auto maker Ford Motor Co. and pharmacy chain CVS Health Corp. are also scheduled to report, as consumers face steady price increases and inflation shows few signs of retreating.

☆ Lyft to lay off more than 1,000 employees in cost-cut push
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

Risher, who took over earlier this month, had recently said the company will "significantly" cut jobs, without providing the number of jobs that would be affected. It will also take additional costs related to stock-based compensations, which it said cannot be estimated at the time. The money saved from job cuts will be used to support "service-level improvements" for riders and drivers, Lyft said, promising to offer more details in its first-quarter earnings call on May 4. This is the second round of job cuts by Lyft, which faces competition from bigger rival Uber Technologies Inc (UBER.N) in a slowing economy. It had laid off about 683 employees, or 13% of its then workforce, in November.

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.

Circuit Court of Appeals said that Uber drivers do not qualify for an exemption from the arbitration law for workers involved in interstate commerce because they rarely cross state lines when transporting passengers. The Federal Arbitration Act requires the enforcement of agreements to bring employment-related disputes in arbitration rather than court, but exempts transportation workers engaged in interstate commerce. A majority of private-sector U.S. workers, and most Uber drivers, have signed such agreements. The 3rd Circuit on Wednesday said evidence presented in the case showed that nearly two-thirds of Uber drivers never cross state lines, and only 2.5% of Uber trips are interstate. "Take away interstate trips, and the fundamental character of Uber drivers' work remains the same," Circuit Judge Anthony Scirica wrote for the court.

☆ Lyft to 'significantly' cut jobs in new CEO's first major move
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Lyft Inc (LYFT.O) CEO David Risher said on Friday the ride-hailing company will "significantly" cut jobs in another round of layoffs to reduce costs, sending its shares up about 4%. Lyft could see costs slashed by half after the layoffs, the WSJ report said. The companies' last reported results showed that Uber's global presence and more diversified businesses were giving it an edge over U.S.-focused Lyft. Lyft's stock had fallen about 11% this year, compared with Uber's price gain of 27.5%, as of Thursday's close. Reporting by Akash Sriram in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ What Happened When Uber’s CEO Started Driving for Uber
▼ + stars: | 2023-04-07 | by ( Preetika Rana | Photographs Carolyn Fong For The Wall Street Journal | ) www.wsj.com time to read: 1 min

After five years running Uber Technologies Inc., Dara Khosrowshahi in September got behind the wheel himself. Using the alias “Dave K” and a gray Tesla Model Y that he purchased secondhand, the chief executive made dozens of trips as a ride-share driver in the following months ferrying people around the hills of San Francisco.

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