Ride-hail giant Lyft reported strong second-quarter earnings Thursday. Earlier this year, investors had been skeptical of Lyft’s ability to offset the costs of increased investments to attract and retain drivers. However, Lyft was able to take advantage of severe internal cost-cutting measures combined with a post-COVID boom in travel to help it deliver its highest… Continue reading Lyft rides post-COVID recovery to record earnings, but faces inflationary headwinds
Tag: Lyft
Lyft’s operating profit surges on rideshare demand, hiring slowdown, article with image
The Lyft Driver Hub is seen in Los Angeles, California, U.S., March 20, 2019. REUTERS/Lucy Nicholson/File Photo Register now for FREE unlimited access to Reuters.com Register Aug 4 (Reuters) – Ride-hailing firm Lyft Inc (LYFT.O) on Thursday reported a record adjusted operating profit, benefiting from a surge in demand for rides and a dramatic slowdown… Continue reading Lyft’s operating profit surges on rideshare demand, hiring slowdown, article with image
Lyft assured no layoffs were coming — now employees are scrambling for their next gig
The day before Lyft shut down its in-house rental service and laid off close to 60 employees, the team in charge of the program was consumed by what they thought was a much bigger problem. Throughout June, the rentals team had attempted to get the service up and running in New York without success. The… Continue reading Lyft assured no layoffs were coming — now employees are scrambling for their next gig
This startup just raised $320M to make long-term care inside hospitals obsolete
Cera, a U.K. provider of healthcare inside people’s homes augmented by a platform that allows carers to monitor a patient’s health and potentially flag problems, has raised $320 million (£260 million) in an equity and debt financing round, split roughly 50/50. The equity side of the funding round was led by Cera’s existing investor Kairos… Continue reading This startup just raised $320M to make long-term care inside hospitals obsolete
Tesla Stock Vs. BYD Stock: China EV Giant Launches Model 3 Rival, Massive Overseas Expansion
The Wall Street Journal College Affirmative Action Policies Backed by Major Companies WASHINGTON—Dozens of major corporations have asked the Supreme Court to affirm the use of racial preferences in college admissions, arguing that more diversity on campuses contribute both to commercial innovation and business success. “These benefits are not simply intangible; they translate into businesses’… Continue reading Tesla Stock Vs. BYD Stock: China EV Giant Launches Model 3 Rival, Massive Overseas Expansion
Uber turns quarterly cash flow positive for the first time in Q2The number of drivers and delivery agents rose 31% to 5 million.
Uber Technologies Inc on Tuesday reported positive quarterly cash flow for the first time ever and forecast third-quarter operating profit above estimates, betting on steady demand for its ride-hailing and food-delivery services. Uber shares, which have lost more than 40% this year, surged 15% to $28.41 in premarket trading and helped drive an 8% gain in rival… Continue reading Uber turns quarterly cash flow positive for the first time in Q2The number of drivers and delivery agents rose 31% to 5 million.
Blue Cross Blue Shield of Massachusetts Sponsors Free Bluebikes Adventure Passes Every Monday in August
Riders can enjoy complimentary passes as part of “Mindful Mondays” throughout National Wellness Month, courtesy of Blue Cross BOSTON, Aug. 1, 2022 /PRNewswire/ — In recognition of National Wellness Month, Blue Cross Blue Shield of Massachusetts (“Blue Cross”) is sponsoring free Bluebikes Adventure Passes each Monday in August, beginning August 1, as part of its… Continue reading Blue Cross Blue Shield of Massachusetts Sponsors Free Bluebikes Adventure Passes Every Monday in August
Lyft to Close Rental Car Business
Lyft’s car rental business had five locations. Photo: Chris Brown Lyft plans to shut down its car rental business and cut about 60 jobs, according to a report by Bloomberg. The company confirmed the news last week and it was first reported by The Wall Street Journal. The layoffs affect less than 2% of Lyft’s… Continue reading Lyft to Close Rental Car Business
Can Alto succeed at employee-driven ride-hail?
Ride-hail startup Alto thinks the current gig worker-based market is inherently broken. Drivers’ salaries are squeezed by the costs of owning and maintaining a vehicle; riders aren’t guaranteed a high-quality service; cities have had to deal with angry taxi drivers; and the app-based companies themselves that have undercharged users to expand into new markets are… Continue reading Can Alto succeed at employee-driven ride-hail?
Big tech companies are pulling back on hiring. Is it time to worry?
Image: Getty/Thomas Barwick Google and Microsoft have both instituted measures to slow hiring, marking the latest in a series of tech-giant moves to decrease new employment. Google CEO Sundar Pichai has announced initiatives to slow hiring for the rest of the year, and has paused most new offers for two weeks to reevaluate hiring plans,… Continue reading Big tech companies are pulling back on hiring. Is it time to worry?