Uber

Uber CEO Dara Khosrowshahi vowed to rein in costs at the ride-hailing company in the face of a “seismic shift” in the financial market, according to a memo sent to employees that was first reported by CNBC. The effort to reduce spending is in response to the dramatic upheaval in the labor market that has Uber scrambling to find drivers to meet growing demand. Khosrowshahi said that, moving forward, the company will treat corporate hiring as a “privilege,” suggesting that Uber may be looking to freeze or even reduce…

Uber will cut back on spending and focus on becoming a leaner business to address a "seismic shift" in investor sentiment, CEO Dara Khosrowshahi told employees in an email obtained by CNBC."After earnings, I spent several days meeting investors in New York and Boston," Khosrowshahi said in the email, which was sent out late Sunday. "It's clear that the market is experiencing a seismic shift and we need to react accordingly."Tech stocks have plunged sharply from the highs of the coronavirus pandemic, as investors fret over…

Logo for Getaround peer-to-peer car sharing service on the side of a car in the Silicon Valley town of Mountain View, California, August 24, 2016.Smith Collection/Gado | Archive Photos | Getty ImagesIn this weekly series, CNBC takes a look at companies that made the inaugural Disruptor 50 list, 10 years later.After a decade during which ultra-low interest rates and abundant market liquidity grew Uber and Lyft into start-up giants and eventual IPOs, the rideshare model is under a great deal of stress.Even with consumers…

Dara Khosrowshahi, chief executive officer of Uber Technologies Inc., speaks during a Bloomberg Technology television interview in San Francisco, California, U.S., on Tuesday, Dec. 14, 2021. David Paul Morris | Bloomberg | Getty ImagesUber on Wednesday reported surging revenue during the first quarter as the ride-hailing company said it's recovering from its coronavirus lows and wouldn't have to put up "significant" investments to keep drivers on the platform.But it also reported a $5.9 billion loss during the period that…

The Indian Government is speculated to introduce a fresh set of guidelines for cab aggregators to make sure that passenger redressals are attended in time. A CNBC TV18 eport citing sources close to the matter have stated that “consumer affairs ministry is of a view to set SOPs for addressing grievances of passengers, set timeline for grievance redressal. These guidelines will be in addition to already existing protocols issued by the roads ministry and state transport departments".Online aggregators such as Ola and Uber…

Credit: Unsplash/CC0 Public Domain Gig industry platforms such as Uber, Doordash, and TaskRabbit fail to acknowledge the realities of women workers' experiences, putting women at financial and personal risk, finds a new study. …

A measure seeking to legalize online sports betting backed by three of the nation’s largest online gambling companies has qualified for California’s November ballot, setting up a costly fight with the state’s tribes over control of a market researchers say could be worth billions.A coalition led by FanDuel Group, DraftKings Inc. and BetMGM said Tuesday it had submitted more than 1.6 million signatures in support of their online gambling measure, well above the roughly one million required to…

Lyft Inc. LYFT -29.91% said it would invest in the current quarter to ensure adequate driver supply and grow its ride-hailing platform, spooking investors as the spending weighs on operating profit. The ride-hailing company on Tuesday forecast adjusted earnings before interest, taxes, depreciation and amortization, its preferred metric of financial performance, of $10 million to $20 million. The figure represents a second sequential…

Uber Technologies Inc.’s UBER -4.65% revenue more than doubled last quarter, as demand for rides rebounded from the downturn caused by the Covid-19 surge late last year and the company’s food delivery grew despite restaurant reopenings. Uber issued a bullish outlook for the current quarter, but its shares fell about 5% Wednesday, triggered in part by rival Lyft Inc.’s LYFT -29.91% results a day earlier. Lyft spooked…

Uber and Lyft have both pledged to cover legal fees in case their drivers are sued under Oklahoma’s restrictive abortion bill, according to a report from CNBC. While the bill has not yet been signed into law, Republican Governor Kevin Stitt is expected to approve it within the next few days. On Friday, Oklahoma’s House passed the Heartbeat Act (SB 1503), a law that bans abortions at around six weeks of pregnancy — much earlier than many women become aware that they’re pregnant — and now awaits Governor Stitt’s…