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☆ Uber CEO says the company took its drivers 'for granted'
▼ + stars: | 2024-02-22 | by ( Camilo Fonseca | ) www.businessinsider.com time to read: +2 min

Uber CEO Dara Khosrowshahi says that prioritizing drivers helped the company weather the pandemic. Uber drivers are worried about declining earnings, which led to a Valentine's Day strike last week. AdvertisementFor Uber CEO Dara Khosrowshahi, it's pretty clear who got the ride-hailing service through the pandemic: his drivers. Khosrowshahi, at a talk in Bengaluru, India, on Thursday, said that prioritizing drivers helped the company weather a difficult period where rides and revenue dropped precipitously. AdvertisementBut Uber drivers aren't universally content, Khosrowshahi's comments notwithstanding.

Persons: Dara Khosrowshahi, Uber, —, Khosrowshahi, It's Organizations: Service Locations: Bengaluru, India

☆ Uber is celebrating its $1 billion profit. But some drivers are feeling left behind.
▼ + stars: | 2024-02-15 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

Drivers are feeling squeezedSome Uber drivers are feeling squeezed on pay. That doesn't mean drivers aren't feeling angry about a drop in pay that they say they've experienced, with data backing them up. Gridwise Analytics, a data firm analyzing the gig economy , found average monthly gross earnings for Uber drivers fell 17% last year. A more contentious issue among drivers has focused on whether or not Uber is taking a bigger slice of their fares. Yet it seems that not all drivers are satisfied — and Uber will be hoping that number doesn't keep rising.

Persons: —, Dara Khosrowshahi, he’d, Uber, ” Khosrowshahi, “, it's, ru4gU8nRa7, OEx6OEkovB Organizations: Service, Business, App Workers, “ Workers, East, Drivers, East Coast Locations: Chicago, Philadelphia, Pittsburgh

☆ Uber stock pops more than 10% on $7 billion share buyback
▼ + stars: | 2024-02-14 | by ( Alex Koller | ) www.cnbc.com time to read: +1 min

Dara Khosrowshahi, chief executive officer of Uber Technologies speaks on a webcast during the company's initial public offering on the floor of the New York Stock Exchange, May 10, 2019. Uber 's stock spiked more than 10% Wednesday morning after the ride-sharing company announced it will buy back up to $7 billion worth of company shares. "Today's authorization of our first-ever share repurchase program is a vote of confidence in the company's strong financial momentum," Uber CFO Prashanth Mahendra-Rajah said in a press release Wednesday morning. Mahendra-Rajah added that Uber "will be thoughtful as it relates to the pace of our buyback, beginning with actions that partially offset stock-based compensation, and working towards a consistent reduction in share count." The buyback news comes a week after Uber reported fourth-quarter results that beat Wall Street's earnings and revenue estimates.

Persons: Dara Khosrowshahi, Uber, Prashanth Mahendra, Rajah, Mahendra Organizations: Uber Technologies, New York Stock Exchange, CNBC

☆ The big business of the Super Bowl, from competing advertisers to the ultrawealthy networking
▼ + stars: | 2024-02-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, we're looking at the big business of the Super Bowl, from advertisers to the ultraweal thy . Developing and filming a Super Bowl ad typically runs 50% to 60% more than a regular one. AdvertisementFor some first-time Super Bowl advertisers, the commercial is a jumping-off point for a bigger campaign, writes BI’s Lauren Johnson. The Super Bowl is also a calendar staple for the ultrawealthy, writes BI’s Madeline Berg. A record 68 million Americans are projected to bet $23.1 billion on the Super Bowl, according to the American Gaming Association.

Persons: —, Taylor Swift, Travis Kelce, Patrick Smith, Emily Stewart, that’s, Ryan Joe, Lara O’Reilly, Ryan, BI’s Lauren Johnson, RYU, BI’s Madeline Berg, Elon Musk, Rupert Murdoch —, VistaJet, BI’s Taylor Rains, Grace Kay, it’s, BI’s Juliana Kaplan, Cork Gaines, Usher, David Rosenberg, Quants, Getty, David Butow Here’s, Tesla, Sissie Hsiao, Bard, Gemini, Uber, Dara Khosrowshahi, Lucas Jackson, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Business, Service, ign, Super, Elon, Private, American Gaming Association, San Francisco 49ers, Kansas City Chiefs, Renaissance Technologies, Man, AHL, UBS, Google, Reuters, Merchants, Conference, PepsiCo Locations: Sun Valley, YOLO, New York, London

☆ Uber's smooth operator Dara Khosrowshahi has done something Travis Kalanick never could: turn a profit
▼ + stars: | 2024-02-08 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

Read previewWho knows what kind of fate would have awaited Uber had Travis Kalanick decided not to relinquish his power in 2017. But instead of crashing, Uber has seemingly defied the odds thanks to Kalanick's successor, Dara Khosrowshahi. Net profit for the year hit $1.9 billion versus an enormous $9.1 billion loss in 2022, which had been inflated by revaluations of Uber's equity investments. Former Uber boss Travis Kalanick. But having been at the helm of online travel business company Expedia for 12 years before moving to Uber, Dara's success appears to come from his pedigree as an operator.

Persons: —, Uber, Travis Kalanick, Dara Khosrowshahi, Khosrowshashi, Eric Piermont, Khosrowshahi, SoftBank, Didi Chuxing Organizations: Service, Business, AFP Dara's Locations: Silicon, San Francisco, China

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

☆ Uber CEO says Super Bowl ads aren't worth it without celebrity promotion ahead of 'Friends'-themed spot
▼ + stars: | 2024-02-07 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

Read previewBig stars and long timelines are the secret ingredients to making a Super Bowl ad worth it, according to Uber CEO Dara Khosrowshahi. "If you are just buying for that moment, the price isn't worth it," Khosrowshahi said. AdvertisementUber Eats' slot for Sunday's game is an example of what can make the big price tag worth it, the CEO said. AdvertisementBesides starring in the ad, Aniston has also shared it on Instagram. The ad is also the start of a broader ad campaign that Uber will use "over the next three to six months," he told CNBC.

Persons: —, Dara Khosrowshahi, Khosrowshahi, Jennifer Aniston, David Schwimmer, Rachel Green, Ross Geller, Aniston, Schwimmer, it's Organizations: Service, Business, CNBC

☆ 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

☆ Uber CEO Dara Khosrowshahi on Q4 results: Continue to see consumer strength, especially in services
▼ + stars: | 2024-02-07 | 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 EmailUber CEO Dara Khosrowshahi on Q4 results: Continue to see consumer strength, especially in servicesUber CEO Dara Khosrowshahi joins 'Squawk Box' to discuss the company's quarterly earnings results, which reported fourth-quarter results Wednesday that beat analysts’ estimates on top and bottom line, state of the consumer, state of the company's delivery business, growth outlook, and more.

Persons: Dara Khosrowshahi

☆ Uber beats estimates as revenue and bookings see double-digit growth
▼ + stars: | 2024-02-07 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

Uber reported fourth-quarter results Wednesday that beat analysts' estimates on top and bottom lines. Here's how the company did:Earnings per share: 66 cents vs. 17 cents expected by LSEG, formerly known as Refinitiv. 66 cents vs. 17 cents expected by LSEG, formerly known as Refinitiv. Uber's net income includes a $1 billion net tailwind thanks to "unrealized gains" from revaluations of its equity investments, according to a release. Uber anticipates an adjusted EBITDA of $1.26 billion to $1.34 billion, compared to the $1.26 billion expected by analysts.

Persons: Dara Khosrowshahi, Uber, LSEG, EBITDA, Khosrowshahi Organizations: APEC, Summit, Moscone West, LSEG, StreetAccount, Mobility Locations: San Francisco , California

☆ Uber's CEO confirms 'the Taylor Swift effect' is very real
▼ + stars: | 2024-02-07 | by ( Ana Altchek | ) www.businessinsider.com time to read: +3 min

Read previewYes, "the Taylor Swift effect" is real. "Uber definitely ups its game for Taylor when she comes to town," Uber CEO Dara Khosrowshahi said in a Wednesday interview on CNBC's "Squawk Box." AdvertisementUber isn't the only company to make note of the "Taylor Swift effect." Not every company is happy with the Taylor Swift hype, however, Best Buy CEO Corie Barry said in October that consumer spending on Swift's concerts may be lowering her company's profits. "When you're talking about billions of trips, we're almost at 10 billion trips, you know Taylor Swift is a positive but it's not enough to show in the overall trends," he said, discussing Uber's fourth-quarter earnings.

Persons: —, Taylor Swift, Taylor, Uber, Dara Khosrowshahi, Khosrowshahi, Swift, Travis Kelce, Roger Goodell, Corie Barry, Barry Organizations: Service, Uber, Business, Bank of America, Mastercard, Kansas City Chiefs, NFL, CBS, Chiefs, AFC Championship, Ravens, Bills, Swift Locations: Pittsburgh, Philadelphia, we're

☆ Uber CEO Dara Khosrowshahi: We are totally committed to the electrification of our fleets
▼ + stars: | 2024-01-17 | 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 EmailUber CEO Dara Khosrowshahi: We are totally committed to the electrification of our fleetsUber CEO Dara Khosrowshahi joins 'Squawk Box' to discuss the company's EV push, whether the company's zero-emission goal is at risk, the EV market at large, the acquisition and subsequent closure of Drizly, impact of AI, and more.

Persons: Dara Khosrowshahi

☆ Walmart Spark shoppers can remove their tips up to 24 hours after delivery. Drivers say that contributes to a problem of 'tip baiting.'
▼ + stars: | 2024-01-11 | by ( Alex Bitter | Dominick Reuter | ) www.businessinsider.com time to read: +6 min

When he works for Walmart's Spark Driver delivery app, it happens a few times a week, he told Business Insider. They traced the problem to a Spark policy giving customers up to 24 hours to reduce or take back their tips. DoorDash's app lets customers only increase a tip or add one — lowering a tip requires calling customer service, a company spokesperson told BI. AdvertisementDrivers can wind up making far less than they expected once the 24 hours is up, a Georgia Spark driver told BI. A Spark driver there told BI his area had too many drivers and that tip baiting wasn't a significant problem.

Persons: —, Dara Khosrowshahi, Spark, Yeji Jesse Lee, it's, Uber, they've, Brock Dickens, they'd, I've Organizations: Service, Business, Google, Walmart, Drivers, BI, Detroit Locations: Indiana, San Francisco, New York City, DoorDash, Carolina, Georgia, Oregon

☆ Uber shares pop as company is slated to join S&P 500
▼ + stars: | 2023-12-04 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +1 min

Shares of Uber rose more than 5% on Monday after S&P Dow Jones Indices announced Friday that the ride-hailing company has been selected to join the S&P 500. Analysts at Oppenheimer reiterated their outperform rating on the stock and raised their price target to $75 per share from $65. They said Uber's ticket into the S&P 500 will likely help improve investors' sentiment about returns. Members of the index must have positive earnings in the most recent quarter and over the prior four quarters in total, according to S&P's rules. Uber also has a market cap of about $118 billion, which surpasses the S&P's criteria that companies must have an adjusted market cap of at least $14.5 billion.

Persons: Dara Khosrowshahi, Dow, Oppenheimer, Uber, — CNBC's Michael Bloom Organizations: Economic Cooperation, APEC, Dow Jones, Air Corp, CNBC PRO, &' $ Locations: Asia, San Francisco , California

Uber shares rose 5% in extended trading on Friday after the ride-hailing company was added to the S&P 500 Index, replacing Sealed Air Corp. A company's stock price often rises on news that it's joining the S&P 500 because fund managers who track the benchmark, which gets updated each quarter, have to acquire the shares. Uber shares debuted on the New York Stock Exchange in 2019, but the company was burning cash as it had to pay drivers enough money to stay competitive in a low-margin business. Uber has a market cap of about $118 billion, while the median market cap of companies in the S&P 500 is just over $31 billion. WATCH: Uber into the S&P 500

Persons: Dara Khosrowshahi, it's, Nelson, Chai, Uber, Lloyd Walmsley, You've Organizations: Uber, Sealed Air Corp, Companies, New York Stock Exchange, UBS Locations: Davos, Switzerland

☆ Uber bets on holiday demand after dull third quarter
▼ + stars: | 2023-11-07 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

An Uber sign is seen at a shopping mall in San Diego, California, U.S., November 23, 2022. Uber is grappling with tough competition from Lyft, which has cut fares to gain customers as sticky inflation sparks worries about ride-share demand. "Consumer demand on our platform remains healthy as we enter the busiest period of the year," he said. Uber expects fourth-quarter adjusted core profit, a key profitability measure, between $1.18 billion and $1.24 billion, above estimates of $1.15 billion, LSEG data showed. In the third quarter, Uber's revenue grew at the slowest pace since 2021 to $9.29 billion, missing estimates of $9.52 billion.

Persons: Mike Blake, Dara Khosrowshahi, Uber, Gross, William Blair, Yuvraj Malik, Arun Koyyur Organizations: REUTERS, Thomson Locations: San Diego , California, U.S, Lyft, Bengaluru

☆ Uber bets on holiday travel demand to forecast strong fourth quarter
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

After a bruising 2022, the dominant U.S. ride-hailing company has benefited from the return-to-office push by companies and resilient travel demand despite inflation. Uber expects adjusted core profit, a profitability measure watched by investors, between $1.18 billion and $1.24 billion. The company's core profit topped expectations for the third quarter, but its revenue growth missed estimates. Revenue rose 11%, its slowest since the March 2021 quarter, to $9.29 billion, missing analysts' average estimate of $9.52 billion. Adjusted core profit was $1.09 billion compared to expectations of $1.02 billion.

Persons: Mike Blake, Dara Khosrowshahi, Gross, Uber, Yuvraj Malik, Arun Koyyur Organizations: REUTERS, Technologies, Revenue, Thomson Locations: San Diego , California, U.S, Bengaluru

☆ Uber reports third-quarter results that miss analysts' expectations
▼ + stars: | 2023-11-07 | by ( Ashley Capoot | ) www.cnbc.com time to read: +3 min

Uber reported third-quarter results Tuesday that missed analysts' expectations on top and bottom lines but showed strength in other areas, like gross bookings, which exceeded the company's guidance from the second quarter. Here's how the company did:Earnings per share: 10 cents vs. 12 cents expected by LSEG, formerly known as Refinitiv. Uber reported adjusted EBITDA of $1.09 billion, up $576 million year-over-year and above the $1.02 billion expected by analysts polled by StreetAccount. Gross bookings for the quarter came in at $35.3 billion, up 21% year over year and above the company's guidance last quarter. The figure is also in line with the $1.28 billion Uber reported last quarter when Khosrowshahi told CNBC freight has remained a challenging spot for the company.

Persons: Uber, Dara Khosrowshahi, StreetAccount, Gross, Khosrowshahi Organizations: GE, Chelsea Industrial, LSEG, Uber, Mobility, CNBC Locations: New York City

☆ Uber CEO Dara Khosrowshahi on Q3 earnings, inflation impact and freight business
▼ + stars: | 2023-11-07 | 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 EmailUber CEO Dara Khosrowshahi on Q3 earnings, inflation impact and freight businessUber CEO Dara Khosrowshahi joins 'Squawk Box' to discuss the company's quarterly earnings results, which missed analysts’ expectations on the top and bottom lines but showed strength in other areas such as gross bookings, the impact of inflation, future of freight business, self-driving challenges, and more.

Persons: Dara Khosrowshahi

☆ Uber, Lyft to pay $328 million to settle wage-theft allegations in New York state
▼ + stars: | 2023-11-02 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

Uber and Lyft agreed to pay a combined $328 million to settle allegations the ride-hailing companies unlawfully withheld wages from drivers and failed to provide mandatory paid sick leave in New York state, Attorney General Letitia James' office said Thursday. Uber will pay $290 million and Lyft will pay $38 million. The state AG's office said it's the largest wage-theft settlement it's won. The companies also agreed to ongoing changes in how they pay drivers and offer benefits in the Empire State. The minimum rate would apply from "dispatch to completion of the ride," according to a press release from the AG's office.

Persons: Dara Khosrowshahi, Uber, Lyft, Letitia James, it's, James, Lyft systemically, they'll Organizations: New York Stock Exchange, Empire State, Black, New York City, Drivers, CNBC, YouTube Locations: New York, Empire, New York City

☆ You can now book an Uber hot-air balloon in Turkey for $159
▼ + stars: | 2023-10-23 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

Uber is now offering hot air balloon rides in Turkey's Cappadocia region for $159. AdvertisementAdvertisementUber is now offering hot air balloon rides for passengers in Turkey's Cappadocia region, as the company pushes to diversify offerings beyond ride-hailing. A 2022 report by local booking platform Upballoon said that over 150 hot air balloon launches occur daily in Cappadocia. AdvertisementAdvertisementThe new Uber Balloon feature appears to be part of the company's pivot toward areas beyond ride-hailing. And hot air balloons aren't the only way Uber has expanded its offerings.

Persons: Uber, —, Dara Khosrowshahi Organizations: Service Locations: Turkey's Cappadocia, Cappadocia, Turkey, London, Mykonos, Greece, Sri Lanka, India, New York

☆ A tech CEO says he likes to take customer support calls because some leaders go their 'entire career without ever meeting a customer'
▼ + stars: | 2023-10-04 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

The founder and CEO of Proton, Andy Yen, likes to take up customer calls or answer support tickets. Yen told the BBC that by doing this he can keep track of what customers actually need from the firm. Andy Yen, the founder and CEO of Proton, was interviewed by the BBC for its CEO Secrets Series . "You can actually go your entire career without ever meeting a customer because customers don't come in and talk to you." AdvertisementAdvertisement"This can mean answering customer support tickets, taking up customer calls, or being on a sales call, because if you don't do this you can really lose track of what your customers actually need from you."

Persons: Andy Yen, Yen, —, Uber's Dara Khosrowshahi, Khosrowshahi Organizations: Proton, BBC, Service, EU, Meta, Google Locations: Geneva, Switzerland

☆ Harvard-trained expert shares how to 'move fast and fix things': It's surprising 'how infrequently people actually do it'
▼ + stars: | 2023-09-20 | by ( Ece Yildirim | In Ecedyildirim | ) www.cnbc.com time to read: +5 min

Mark Zuckerberg's five-word motto "move fast and break things" spawned Meta's multibillion-dollar success and inspired an entire generation of Silicon Valley entrepreneurs. In a TED Talk earlier this year, Morriss decried the idea behind Zuckerberg's phrase, suggesting instead that CEOs and leaders everywhere should "move fast and fix things." She offered a five-step guideline you can use to fix problems in your workplace, with each step assigned to a day of the week to keep you on schedule. Your goal should be to create a "good enough" plan to fix your problem, Morriss said. So, if we have not first earned trust and we go fast, we will break things guaranteed.

Persons: Mark Zuckerberg's, It's, Anne Morriss, Morriss, Zuckerberg, it's, Frances Frei, Frei, Uber, Travis Kalanick, Dara Khosrowshahi Organizations: Harvard Business School, TED, Harvard Business, Khosrowshahi's Locations: Silicon Valley

☆ Watch Apple CEO Tim Cook take a customer service call: 'You guys thought I'd screw it up'
▼ + stars: | 2023-09-19 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

It's not everyday you see a CEO take a customer service call. Apple's Tim Cook helped a caller with an iPhone decision during a "CBS Sunday Morning" interview. You guys thought I'd screw it up," he jokingly told onlooking Apple employees after the call. After he got off, the room of onlooking employees burst into cheers and applauded Cook, who shook a few employees' hands. The caller "wanted to upgrade their iPhone," Cook told CBS anchor John Dickerson.

Persons: Tim Cook, onlooking, Apple's, Cook, John Dickerson, Ted Lasso, he's, Uber's Dara Khosrowshahi moonlit, Khosrowshahi Organizations: CBS, onlooking Apple, Service, Fortune, Apple, Apple Watch, GE Locations: Wall, Silicon, Apple's Austin , Texas

☆ Uber increasingly considering buybacks as cash flow ramps up - CEO
▼ + stars: | 2023-09-07 | 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 RightsSept 7 (Reuters) - Uber Technologies (UBER.N) is considering buybacks and dividends to shareholders as its cash flow ramps up, CEO Dara Khosrowshahi said at an event on Thursday. "We are now entering a phase where we are increasingly thinking about returning the capital to shareholders, either through dividends or buybacks, more likely with buybacks," Khosrowshahi said at the Goldman Sachs Communacopia + Technology conference. Uber in August reported its first-ever operating profit of $326 million for the second quarter ended June. It had more than $1 billion in free cash flow in the period.

Persons: Arnd, Dara Khosrowshahi, Khosrowshahi, Goldman Sachs, Yuvraj Malik, Devika Organizations: Economic, REUTERS, Technologies, Technology, Uber, Thomson Locations: Davos, Switzerland, Bengaluru

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