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The measure requires ride-hailing companies to pay drivers at least $1.40 per mile and $0.51 per minute for the time spent transporting a rider — or $5 per ride, whichever is greater — excluding tips. Photos You Should See View All 60 ImagesCritics of the bill say costs will likely spike for everyone, including people with low incomes and people with disabilities who rely on ride-hailing services. Supporters say the services have relied on drivers who are often people of color and immigrants for cheap labor. “Today’s vote showed Uber, Lyft, and the Mayor that the Minneapolis City Council will not allow the East African community, or any community, to be exploited for cheap labor,” Osman added. Seattle and New York City have passed similar policies in recent years that increase wages for ride-hailing drivers, and Uber and Lyft still operate in those cities.
Persons: — Lyft, Uber, Lyft, ” Lyft, ” Uber, Jacob Frey’s, ” Jamal Osman, , ” Osman, Tim Walz, ” Walz Organizations: Republicans, City Council, Minneapolis City, Democratic, Uber, Associated Press Locations: MINNEAPOLIS, Minneapolis, Seattle, New York City
Virgin Galactic posted a loss of 28 cents per share, versus the 43 cents per share loss expected by analysts polled by LSEG. Krispy Kreme — Shares of the donut maker dropped 4.8% after the company fell short of expectations on earnings and revenue. Krispy Kreme reported earnings of 3 cents per share on revenue of $407 million, while analysts polled by LSEG expected earnings of 6 cents per share on $414 million in revenue. The ridesharing company reported third-quarter bookings of $3.55 billion, lower than the $3.90 billion anticipated by analysts polled by FactSet. Earnings came out at $3.42 per share, while analysts polled by LSEG had called for $3.43 per share in earnings.
Persons: Virgin Galactic, Krispy Kreme, LSEG, Goldman Sachs, FactSet ., , Bud, Dickinson, Wall, FactSet, CNBC's Hakyung Kim, Jesse Pound, Sarah Min, Lisa Kailai Han Organizations: Galactic, Virgin Galactic, LSEG . Revenue, Virgin, Disney —, Disney, ESPN, , ISI, Barclays, Apellis Pharmaceuticals, FactSet, Arm, Anheuser, Busch InBev —, HSBC, Busch, Company Locations: U.S
Upstart Holdings — Stock in the artificial intelligence lending platform tumbled more than 26% after missing third-quarter sales and earnings estimates. Biogen — Stock in the biotech company fell more than 4% after third-quarter sales and earnings topped analysts' estimates. Boston-based Toast lost 9 cents per share, while analysts were expecting earnings of 10 cents per share, according to LSEG. Robinhood — The trading platform fell more than 14% after missing revenue estimates in the third quarter. Uber was down almost 1% after the company posted third-quarter results that missed sales and earnings estimates.
Persons: Berkshire Hathaway —, Rivian, Roblox, LSEG, StreetAccount, Robinhood, Uber, Jesse Pound, Yun Li, Pia Singh, Alex Harring, Lisa Han, Tanaya Macheel, Sarah Min Organizations: , FactSet, Reata Pharmaceuticals, Occidental Petroleum —, Berkshire, Occidental, Wall, LSEG, Warner Bros, HBO, Food Network, eBay Locations: Houston, Boston
Rivian Automotive — Rivian Automotive dipped about 2.5% in extended trading. Super Micro Computer — Super Micro Computer tumbled 12% in extended trading even after reporting an earnings beat. Axon reported second-quarter adjusted earnings of $1.11 per share, exceeding the 62 cents per share consensus estimate from FactSet. Take-Two Interactive Software — Take-Two Interactive Software popped 3.4% in extended trading after reaffirming full-year bookings guidance. Meanwhile, adjusted per share earnings came in at 16 cents, beating the expectation of a loss of 1 cent per share.
Persons: Refinitiv, Twilio, , Lyft Organizations: of, Enterprise, Penn Entertainment, ESPN, ESPN Bet, Refinitiv Locations: Meatpacking, of Manhattan , New York City
Check out the companies making the biggest moves premarket:Cigna — Cigna gained 3% in premarket trading after beating top- and bottom-line estimates for its latest quarter and raising its full-year forecast. Apple — Apple rose 2.7% in premarket trading after beating quarterly earnings and revenue estimates, with particularly upbeat results for its flagship iPhone. Bumble — Bumble posted higher than expected quarterly sales, as user demand for its dating app remained strong. Expedia did see its highest-ever first quarter revenue, in addition to a 20% leap in gross bookings. Coinbase — Coinbase posted better than expected quarterly results, leading to a 8.1% premarket rally for the cryptocurrency exchange's stock.
Expedia — The travel company's shares fell 1.8% after the company missed analysts' expectations on earnings and revenue in the latest quarter. Analysts called for earnings of $1.67 per share on revenue of $2.70 billion, according to Refinitiv. Lyft also anticipates making roughly $975 million in revenue in the fiscal first quarter of 2023, lower than the $1.09 billion analysts anticipated, according to StreetAccount. Revenue came in at $7.38 billion, compared to analysts' estimate of $7.39 billion, according to Refinitiv. The company had revenue of $309 million, compared to analysts' forecasts of $307 million, according to Refinitiv.
Find the right card with Uber and Lyft perks Capital One Savor Cash Rewards Credit CardChase Sapphire Reserve®Ink Business Preferred® Credit CardCapital One SavorOne Cash Rewards Credit CardChase Sapphire Preferred® Card Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Note that credit card lenders may use many different variations of credit score models when considering your application. Annual fee: $95Other benefits: This is one of the best small-business cards on the market thanks to perks such as:Review: Ink Business Preferred credit card reviewCapital One SavorOne Cash Rewards Credit CardWhy use it for rideshares: The Capital One SavorOne Cash Rewards Credit Card card has Uber-related benefits that are identical to the Capital One Savor Cash Rewards Credit Card. Credit cards for Uber and Lyft frequently asked questions (FAQ)What is the best credit card for rideshare expenses? The best credit card for rideshare expenses isn't necessarily the best credit card for you.
The Chase Sapphire Reserve just got a new Lyft Pink All Access benefit that can save cardholders a bunch of cash. Cardholders already earn 10x Chase Ultimate Rewards points on rideshares, scooters, and other Lyft transportation services (offer ends March 2025). But if that's not enticing enough of an offer for you, Sapphire Reserve cardholders are now getting two years of Lyft Pink All Access membership. If you frequently spend on Lyft and want to earn valuable Chase Ultimate Rewards® points, then activating the Lyft Pink All Access membership is a no-brainer. Having your Sapphire Reserve as your default payment method also means you'll earn 10x points on Lyft purchases.
Pepsi products are displayed for sale in a Target store on March 8, 2022 in Los Angeles, California. Check out the companies making the biggest moves midday Wednesday:Moderna — Shares of Moderna surged 10% after the drug maker announced it will partner with Merck to jointly develop and sell a cancer vaccine. It reported preliminary month-end assets under management of $1.23 trillion as of Sept. 30. Pepsi also raised its guidance for the year as it was able to successfully raise prices on its products. Lyft — Lyft shares gained 5.8% following an upgrade from Gordon Haskett to buy from hold.
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