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☆ Lyft shares plunge after revenue forecast disappoints
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Lyft logo is seen on a parked Lyft Scooter in Washington, U.S., March 29, 2019. REUTERS/Brendan McDermid/File PhotoNov 7 (Reuters) - Ride-hailing company Lyft Inc (LYFT.O) on Monday forecast current-quarter revenue slightly below Wall Street estimates, hurt by competition from Uber Technologies Inc , sending its shares down 13% in extended trading. But revenue per active rider increased 13.7% to $51.88, the highest growth compared to the prior two quarters. Lyft forecast current-quarter operating profit above Wall Street estimates, as it bets on demand for rideshare and cost cuts such as headcount reduction and closing office spaces. For the fourth quarter, the company expects revenue between $1.15 billion and $1.17 billion, while analysts expect $1.17 billion.

☆ Tech Layoffs Reflect Worsening Outlook
▼ + stars: | 2022-11-04 | by ( Steven Rosenbush | ) www.wsj.com time to read: +2 min

Layoffs at ride-sharing firm Lyft Inc. and payments company Stripe Inc., as well as a pause in hiring at Amazon.com Inc., reflect a darker outlook for tech. PREVIEW“The changes that we will see going forward will be based purely on the economic drivers from the overall economy slowing down,” Mr. Kanchi said. The metaverse, NFTs, and some aspects of cryptocurrency, or those technologies which don’t have immediate monetary value, will continue to fall out of favor, Mr. Kanchi said. “The downturn has kind of started but it hasn’t hit bottom and will get bad, very quickly, likely sometime mid next year,” Mr. Chan said. He predicts that “the new Google or Uber of 2023 and 2024 will come out of this downturn.”Write to Steven Rosenbush at steven.rosenbush@wsj.com

☆ Analysis: Tech Layoffs Reflect Worsening Outlook
▼ + stars: | 2022-11-04 | by ( Steven Rosenbush | ) www.wsj.com time to read: +2 min

☆ DoorDash revenue beats estimates as appetite for food delivery holds up
▼ + stars: | 2022-11-03 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +1 min

Even though dining out has resumed in force, people are still ordering food online from the comfort of their homes like they did during lockdowns. DoorDash recorded 439 million orders in the quarter and a 30% rise in gross order value - the total value of all app orders and subscription fees - to $13.5 billion. It forecast fourth-quarter gross order value of between $13.9 billion and $14.2 billion, and reiterated full-year expectations for the key industry metric. The company's revenue rose 33% to $1.70 billion in the third quarter, surpassing analysts' estimates of $1.63 billion, according to IBES data from Refinitiv. However, the San Francisco-based firm's net loss widened to $295 million, or 77 cents per share, from $101 million, or 30 cents per share, a year earlier.

☆ Uber whistleblower says current business model 'absolutely' unsustainable
▼ + stars: | 2022-11-02 | by ( Sergio Goncalves | ) www.reuters.com time to read: +2 min

REUTERS/Pedro NunesLISBON, Nov 2 (Reuters) - Mark MacGann, the whistleblower behind the so-called Uber Files, said on Wednesday that the ride-hailing company seemed to be taking steps toward improving its work culture but that its business model was still "absolutely" unsustainable. MacGann said Uber's current CEO, Dara Khosrowshahi, and his executive team "have done a lot of good things, but they have so, so far to go." "My message to Uber is: 'you've done well, (but) you can do it so much better (because) the current model is absolutely not sustainable,'" MacGann told a news conference during Europe's largest tech conference, the Web Summit, in Lisbon. He said Uber recently reiterated that the "core of its business model is independent contractors, since everybody wants to be self-employed, everybody wants flexibility." "Uber is pumping tens of millions of dollars in Europe, United States, other parts of the world fighting legislation," he said.

☆ Uber shares surge on solid profit forecast as rideshare recovery defies inflation
▼ + stars: | 2022-11-01 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Uber Technologies Inc (UBER.N) on Tuesday forecast fourth-quarter operating profit above Wall Street estimates, betting on cost controls and rising demand for its rides as customers resume spending more on travel, sending its shares up 13%. The logo for Uber Technologies is seen on a vehicle in Manhattan, New York City, New York, U.S., November 17, 2021. REUTERS/Andrew KellyThe company forecast fourth-quarter adjusted EBITDA, a profitability metric keenly watched by investors, between $600 million and $630 million. Revenue rose 72% to $8.34 billion and adjusted profit was $516 million, both beating estimates. Shares of peers Lyft Inc (LYFT.O) and DoorDash Inc (DASH.N), which are yet to report results, were also trading higher.

☆ Uber share surge on solid profit forecast as rideshare recovery defies inflation
▼ + stars: | 2022-11-01 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

Monthly active users on Uber's apps rose 14%, exceeding the levels seen in September 2019, helped by airport trips, while revenue from the rideshare segment rose 73% in the third quarter. The company forecast fourth-quarter adjusted EBITDA, a profitability metric keenly watched by investors, between $600 million and $630 million. Reuters Graphics"It is just more confirmation that this can be a very profitable business," Fox Advisors CEO Steven Fox said. Revenue rose 72% to $8.34 billion and adjusted profit was $516 million, both beating estimates. Shares of peers Lyft Inc (LYFT.O) and DoorDash Inc (DASH.N), which will report results later this month, also surged 9% and 4%, respectively.

☆ Uber shares surge as rideshare recovery powers operating profit forecast
▼ + stars: | 2022-11-01 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Uber Technologies Inc (UBER.N) on Tuesday forecast fourth-quarter operating profit above Wall Street estimates, betting on cost controls and rising demand for its rides as customers resume spending more on travel, sending its shares up 10%. "It is just more confirmation that this can be a very profitable business," Fox Advisors CEO Steven Fox said, highlighting Uber's goal of $5 billion in operating profit by fiscal 2024. The company forecast fourth-quarter adjusted EBITDA, a profitability metric keenly watched by investors, between $600 million and $630 million. Revenue rose 72% to $8.34 billion and adjusted profit was $516 million, both beating estimates. Shares of peers Lyft Inc (LYFT.O) and DoorDash Inc (DASH.N), which are scheduled to report results later this month, were up about 5%.

☆ Uber Shares Surge on Gains in Quarterly Revenue, Adjusted Profit
▼ + stars: | 2022-11-01 | by ( Preetika Rana | ) www.wsj.com time to read: 1 min

Uber said it expects bookings in the current quarter of between $30 billion and $31 billion, short of Wall Street’s forecast. Uber Technologies Inc.’s shares soared after the company announced revenue and adjusted earnings gains for last quarter as its customers spent more on rides and food delivery. The ride-hailing company said Tuesday that revenue for the three months through September was up 72% from a year earlier, to $8.34 billion. Adjusted earnings—a figure that excludes some expenses—hit $516 million, its strongest ever. Both were above Wall Street expectations.

☆ Uber Revenue, Adjusted Profit Climbed Last Quarter With Continued Demand for Rides and Food
▼ + stars: | 2022-11-01 | by ( Preetika Rana | ) www.wsj.com time to read: 1 min

Uber said it expects bookings in the current quarter of between $30 billion and $31 billion, short of Wall Street’s forecast. Uber Technologies Inc.’s revenue and adjusted earnings climbed last quarter as people spent more on rides and food delivery despite high inflation and worries about a weakening economy. The ride-hailing giant said Tuesday that revenue for the three months through September was up 72% from a year earlier, to $8.34 billion. Adjusted earnings—a figure that excludes some expenses—hit $516 million, its strongest ever. Both were slightly above Wall Street expectations.

☆ Pfizer, Uber and Starbucks Highlight Another Busy Earnings Week
▼ + stars: | 2022-10-29 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Starbucks on Thursday will report whether customers are paring back on purchases at its cafes. Pfizer Inc., Uber Technologies Inc. and Starbucks Corp. are among the heavyweights headlining another busy earnings week as investors search for insight into the state of the broader economy. Other companies on the docket to issue their latest quarterly reports include Taco Bell parent company Yum Brands Inc. and CVS Health Corp. Investors also will hear from travel companies such as Airbnb Inc., Expedia Group Inc., and Marriott International Inc., payments rivals Block Inc. and PayPal Holdings Inc., and private-equity giants KKR & Co. Inc. and Apollo Global Management Inc.

☆ Saudi's Kingdom Holding company to maintain Twitter stake
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Oct 28 (Reuters) - Saudi Arabia's Kingdom Holding Company and the private office of Prince Alwaleed Bin Talal said on Friday that they will continue their ownership of Twitter (TWTR.N) shares valued at $1.89 billion after Elon Musk's takeover of the social media company, according to a statement tweeted by Prince Alwaleed. Alwaleed's Kingdom Holding is 16.9% owned by Saudi Arabia's sovereign wealth fund chaired by crown prince Mohammed Bin Salman. Prince Alwaleed bin Talal rose to international prominence after making a big successful bet on Citigroup Inc(C.N)in the 1990s and he was an early investor in Apple Inc. The prince has also made hundreds of millions of dollars by investing in companies such as Uber Technologies Inc (UBER.N) to Twitter Inc. Reporting by Lilian Wagdy, Writing by Hadeel Al Sayegh; Editing by David Goodman and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Uber looks to boost digital ad revenue with new advertising division
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - Uber Technologies Inc (UBER.N) has launched a new advertising division as the ride-hailing firm looks to diversify its revenue sources through tie-ups with brands and marketers. With a reach of 122 million monthly active users globally, the company said on Wednesday it will sell ad space inside its ride-hailing and UberEats apps, along with in-vehicle digital ads, sponsored mails and storefront ads. "While consumers are making purchase decisions and waiting for their destination or delivery, we can engage them with messages from brands relevant to their purchase journeys," said Mark Grether, general manager for Uber's advertising division. Uber, which entered the ad business in 2019, has said it aims to reach $1 billion in advertising revenue by 2024. read moreMeanwhile, a U.S. proposal last week that would potentially deter gig workers from being treated as independent contractors is also set to push up costs for companies such as Uber and Lyft. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Savyata Mishra in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Uber to Let Marketers Target Riders by Destination
▼ + stars: | 2022-10-19 | by ( Patrick Coffee | ) www.wsj.com time to read: +5 min

Ride-hailing company Uber Technologies Inc. wants to help marketers target consumers with ads based on where they have been and where they are going. The ride-hailing ad business could grow far larger, Mr. Grether said, especially when self-driving cars become more common. “Cars will become our next living rooms,” Mr. Grether said. The rider can also conduct transactions, such as clicking the ad to buy a product without leaving the Uber app, said Mr. Grether. Users can opt out of targeted ads on the Uber app at any time, said Mr. Grether.

Oct 17 (Reuters) - The U.S. Supreme Court on Monday gave a boost to Domino's Pizza Inc's (DPZ.N) bid to force delivery drivers to bring a wage lawsuit in private arbitration rather than in court in a case from California that could have major implications for gig economy companies. Business groups have called arbitration a quicker and more efficient alternative to suing in court. Three delivery drivers sued Domino's in California state court in Santa Ana in 2020, accusing the company of violating various wage laws, and the case was subsequently transferred to federal court. Domino's made a motion to send the claims to arbitration, citing agreements that the drivers had signed barring them from suing in court. Domino's then appealed to the Supreme Court.

☆ Kroger-Albertsons Merger Would Create a Big Player in Retail Advertising
▼ + stars: | 2022-10-14 | by ( Patrick Coffee | ) www.wsj.com time to read: +5 min

It also would create a big player in so-called retail media, one of advertising’s fastest-growing sectors. Kroger and Albertsons entered the retail advertising market in 2015 and 2021, respectively. Kroger and Albertsons don’t break out the ad revenue generated by their Kroger Precision Marketing and Albertsons Media Collective divisions. The merger of Kroger and Albertsons would create a fourth market leader at more than 13% market share, Mr. Lipsman said. For marketers, that would help simplify the retail ad market for consumer-goods brands and other advertisers who currently confront a rapidly increasing number of offerings.

A once-bustling logistics mergers-and-acquisitions market is quieting down as slipping freight demand and higher borrowing costs dampen deal making in the sector. Company valuations are moderating in a softening freight market and rising borrowing costs are making deals tougher to complete. The market for freight and logistics companies surged during the pandemic as retailers sought to rush goods to consumers, fueling strong growth in shipping demand, higher freight rates and record profits for companies ranging from regional truck operators to international freight forwarders. Foreign-based ocean carriers and freight forwarders have also shown great interest in the U.S. logistics market as they seek to expand their end-to-end supply-chain services. But logistics companies looking to expand their reach and private-equity firms looking to expand existing logistics portfolios are still hunting deals.

☆ Souring Economy Gives Tech Freelancers a Lift
▼ + stars: | 2022-10-12 | by ( Angus Loten | ) www.wsj.com time to read: +5 min

Like most companies, he said, it enlists freelancers with specific skills across a range of capabilities, including AI and analytics. “The pandemic and, more recently, the turbulence in the economy, spurred demand for greater labor flexibility both among employers and workers,” Mr. Herbert said. Sebastián Siseles, a vice president at Freelancer.com, said freelance work also allows IT job seekers—especially younger workers—to reduce the risk of being dependent on a single employer. By adapting to remote work during the pandemic, employers “opened the window” to hiring more freelancers, Mr. Siseles said. Many tech-enabled companies such as Uber Technologies Inc., Lyft Inc. and DoorDash Inc., which rely heavily on gig workers, have opposed similar efforts in the past.

☆ Lyft testing new pay algorithm to lure drivers
▼ + stars: | 2022-10-11 | by ( Nivedita Balu | ) www.reuters.com time to read: +2 min

Oct 11 (Reuters) - Ride-hailing firm Lyft Inc (LYFT.O) said on Tuesday it was testing an earnings algorithm that will allow drivers in 18 U.S. cities to see destination and pay details before accepting a request. Lyft drivers will have access to details such as drop-off locations, estimated distance and time, as well as fare details before accepting a ride. "We'll also design Upfront Pay over time to include bonuses and incentives," Lyft President John Zimmer said. Meanwhile, Uber's upfront pay system has drawn criticism from drivers. Looking to launch upfront pay "without limitations", Lyft said a survey of over 1,000 drivers showed more than 70% preferred the upfront pay model to the previous pay models.

☆ Uber exits five Pakistani cities, to continue services via unit Careem
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

An Uber office is shown in Redondo Beach, California, U.S., March 16, 2022. REUTERS/Mike BlakeOct 11 (Reuters) - Uber Technologies Inc (UBER.N) will discontinue its ride-hailing services app in five cities in Pakistan including Karachi and Islamabad, the company said on Tuesday, in a move that will reduce market overlap between the U.S. firm and its Middle East unit Careem. The change, effective immediately, also covers the cities of Multan, Faisalabad and Peshawar, but the Uber app will continue operations in Lahore, where the company plans to launch new products. read moreUber said in a statement it would prioritize minimizing the impact to its employees, drivers, riders, and partners who use the Uber app during this change in those cities. Register now for FREE unlimited access to Reuters.com RegisterReporting by Savyata Mishra in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Ride-hailing firm Lyft slams brakes on U.S. hiring as recession fears mount
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

As of June 30, Lyft had nearly 5,000 employees, according to its latest quarterly filing with the Securities and Exchange Commission. San Francisco, California-based Lyft said its costs jumped 36% in its most recent quarter. Lyft posted a record quarter in August on the back of soaring demand for rides and gains from its cost-cutting efforts. However, the company warned challenges would persist in the third quarter due to high insurance costs, macroeconomic uncertainty and inflation. read moreA broad sell-off in markets due to red-hot inflation and fears of a looming recession have crushed risky assets this year.

☆ Snap Hires New Compliance Chief From Peloton
▼ + stars: | 2022-09-22 | by ( Mengqi Sun | ) www.wsj.com time to read: +1 min

The head of compliance and risk at Peloton Interactive Inc. has left the company and joined Snapchat parent Snap Inc.Bertrand Lanciault III, who goes by Lance Lanciault, joined Snap in August as the new chief compliance officer, overseeing its compliance and integrity efforts, according to a spokesman for the technology company. He joined Peloton in February 2021 after spending more than six years at Walmart Inc.’s e-commerce team, serving as the chief ethics and compliance officer there, according to his LinkedIn profile. Michael Del Negro, who joined Peloton in January as its vice president of product safety compliance, has been named the company’s acting head of compliance, risk and ethics and has served in this role since August, a Peloton spokeswoman said Thursday. Peloton said earlier this month that its co-founder John Foley, its chief legal officer Hisao Kushi, and Chief Commercial Officer Kevin Cornils, were leaving. Tammy Albarrán, who most recently was Uber Technologies Inc.’s chief deputy general counsel, will become Peloton’s new chief legal officer and corporate secretary, Peloton said in a statement earlier this month.

, said in a statement that Drizly is one of the few places where her company can run multimedia ad campaigns. The database allows the company to charge above-market rates for ad placements, according to Mr. Patel. The company also hired Gina Hardy as its first chief customer officer to oversee all marketing operations. Mr. Patel declined to comment on specific growth goals for Drizly, but said the company sees significant potential in its advertising platform, which is independent of its parent company’s Uber Eats ad business. Drizly sales grew 517% from September 2019 to September 2021, according to market-research firm Bloomberg Second Measure.

☆ Companies Should Treat Cyber Threats as Core Business Risk, U.S. Cyber Official Says
▼ + stars: | 2022-09-20 | by ( Catherine Stupp | ) www.wsj.com time to read: +2 min

Corporate boards need to propel companies’ investment in cyber defenses and push management to treat hacking threats as a core business risk, according to a top official of the U.S. Cybersecurity and Infrastructure Security Agency. As boards learn to assess those defensive measures, cybersecurity will become more ingrained in American corporations, Mr. Wales said. Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. PREVIEWRecently, the U.S. Securities and Exchange Commission proposed that companies be required to disclose detail on board members’ cyber expertise and how often the board addresses cybersecurity. CIOs should address third-party risks when discussing cybersecurity with boards, Mr. Wales said.

☆ Uber says Lapsus$-linked hacker responsible for breach
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo for Uber Technologies is seen on a vehicle in Manhattan, New York City, New York, U.S., November 17, 2021. REUTERS/Andrew KellySept 19 (Reuters) - Uber Technologies Inc (UBER.N) said on Monday a hacker affiliated with the Lapsus$ hacking group was responsible for a cyber attack that forced the ride-hailing company to shut several internal communications temporarily last week. Register now for FREE unlimited access to Reuters.com RegisterThe company said it was in close coordination with the FBI and the U.S. Department of Justice on the matter. The hacker had posted a message on the forum about seeking to "negotiate a deal" with the videogaming company. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Nivedita Balu in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

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