Uber Reports Record Ridership and Second Straight Quarterly Profit
Revenue was up 11 percent from a year earlier, helping to generate $221 million in net income.
Revenue was up 11 percent from a year earlier, helping to generate $221 million in net income.
On Monday, Waymo began letting the public pay for rides in its driverless cars in San Francisco. The New York Times dispatched three reporters around the city to test the service.
Local officials are worried that state regulators are too eager about a plan by the companies Cruise and Waymo to offer round-the-clock driverless taxi services.
The company’s growth decelerated as the rebound from the pandemic normalized and its freight business declined. It also swung to a profit.
Gov. Tim Walz said the legislation would have raised costs for ordering an Uber or Lyft too high, potentially pricing out Minnesota customers.
Lyft and Uber have opposed the legislation, threatening to reduce operations or leave the state if it is enacted.
The company said its financial results in the most recent quarter were about in line with the expectations of investors.
A day after nearly 1,100 people were laid off, the struggling company told its remaining workers to prepare for a series of changes.
The cuts come as the company tries to lower prices and remain competitive with Uber, its larger rival.
Lyft has been slow to bounce back from early pandemic problems even as the business of its much bigger rival, Uber, has improved.
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