Uber, Lyft Drivers Are Back To Work, But Prices At Record High
- The fares of Uber Technologies Inc (NYSE: UBER) and Lyft Inc (NASDAQ: LYFT) in the U.S. are at a record high, despite their drivers returning to work. The fares have risen month-to-month from February through July, WSJ reports quoting Rakuten Intelligence’s data.
- Consumers have paid over 50% more for a ride in July compared with January 2020, before the COVID-19 pandemic.
- In June, both Uber and Lyft hiked their fares amid driver shortages.
- According to Uber, 30% more drivers signed up for work in July compared with June.
- Similarly, 50% more drivers at Lyft signed up in the three-month period, which ended in June compared with the preceding three months.
- Uber has said that the prices were returning to pre-Covid levels in cities or states that had ended unemployment benefits.
- Lyft has said that its third-quarter revenue would take a hit as it has spent $572 million on driver incentives through the second quarter.
- Uber said its drivers are making more than $40 an hour.
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