• Uber and Lyft shares soar as ride-hailing apps avert Calfornia shutdown

    Uber and Lyft shares soar as ride-hailing apps avert Calfornia shutdown

    Uber and Lyft saw their stocks soar after an eleventh-hour stay allowed the companies to avoid a service shutdown in California. The ride-hail giants were set to suspend service in their largest US market Thursday at midnight after a judge ruled they had violated the state’s Assembly Bill 5, which requires companies to classify their …
  • Lyft to shut down in California by the end of Thursday

    Lyft to shut down in California by the end of Thursday

    Shares of ride-hail giant Lyft plummeted more than 6.5 percent after it announced it will suspend service in California at the end of the day Thursday following a judge’s ruling that it misclassified its drivers. The rideshare company is bowing out of its largest market after a judge ruled it had violated the state’s Assembly …
  • Uber says it can still deliver food in California following ruling

    Uber says it can still deliver food in California following ruling

    Uber said this week it will continue to deliver meals in California even if its ride-hail business is forced to shut down at the end of the week. A spokesperson for the embattled ride-sharing giant — which has seen its business plummet as the COVID-19 pandemic has cratered the demand for transportation — said Monday …
  • Judge rejects Uber, Lyft bids to delay California driver reclassification

    Judge rejects Uber, Lyft bids to delay California driver reclassification

    A California judge on Thursday dismissed requests from Uber and Lyft asking for more time to appeal his decision forcing them to classify drivers in their largest market as employees. The ride-hail giants have argued that Judge Ethan Schulman of the San Francisco Superior Court’s decision would require them to restructure their businesses, but the …
  • Uber says new driver ruling would force it to shut down in California

    Uber says new driver ruling would force it to shut down in California

    Uber would be forced to shut down its ride-hailing operations in California if a court ruling that blocks it from classifying its drivers as independent contractors goes into effect, the company said in a court filing. A California judge on Monday granted the state’s request for a preliminary injunction blocking Uber and rival Lyft from …
  • Uber and Lyft shares sink after judge says drivers are employees

    Uber and Lyft shares sink after judge says drivers are employees

    Shares of Uber and Lyft were down Tuesday morning following a California judge’s order that the ride-hailing giants should classify their drivers as employees instead of as independent contractors. The ruling was a major blow for the tech giants in their largest market. Uber and Lyft have been accused of violating California’s Assembly Bill 5, …
  • Lyft giving out car shields to protect drivers from coronavirus

    Lyft giving out car shields to protect drivers from coronavirus

    Lyft plans to distribute thousands of car partitions in an expanded effort to protect drivers from the coronavirus. The ride-hailing giant will provide 60,000 drivers with polycarbonate shields to install between the front and rear seats of their cars, it said Friday. Lyft plans to give them out in 30 US regions over the coming …
  • Lyft pledges to have all electric car fleet by 2030

    Lyft pledges to have all electric car fleet by 2030

    Read More: Lyft to cut nearly 1,000 jobs due to coronavirus outbreak California sues Uber, Lyft for classifying drivers as contractors Uber’s Middle East business cuts 31 percent of workforce Uber spent $19 million to aid drivers struggling amid coronavirus
  • Uber reports $3 billion loss as coronavirus slams ride-hailing

    Uber reports $3 billion loss as coronavirus slams ride-hailing

    Uber reported a quarterly loss of nearly $3 billion on Thursday, it’s biggest in three quarters as the coronavirus pandemic squeezes its ride hailing business. The stock dipped slightly in late trading on the massive loss before rising more than 6 percent after CEO Dara Khosrowshahi said there are reassuring signs in markets hit badly …
  • Lyft shares surge 25 percent amid vows to slash costs

    Lyft shares surge 25 percent amid vows to slash costs

    Lyft shares surged more than 25 percent after the ride-sharing giant posted higher-than-expected revenue and vowed to slash costs in order to achieve profitability. The San Francisco-based rival to Uber reported first-quarter revenue of $955.7 million, up 23 percent year-over-year and well above analyst expectations of $884.7 million. It lost $1.31 per share, or $398.1 …