third quarter revenue that missed Wall Street's expectations, but picked up during the company's earnings call when the CEO said there are early signs its core ride-hailing business would fully recover from the Covid 19 pandemic.
The company reiterated guidance that Uber expects to be profitable on an EBITDA basis by the end of 2021. He said Uber rides were coming back faster than other transportation alternatives, including mass transit in many cities and taxis in New York City. A "no-mask-no-ride" policy is helping the company coax riders back out, despite Covid 19 concerns. The CEO said, "Uber comes back when cities come back. If anything, Uber is an advantaged form of transportation versus others."
Instead, under Prop 22 in California, Uber will pay qualifying drivers partial benefits, like a minimum base pay that's better than federal minimum wage, and a subsidy on drivers' health insurance, with the subsidy amount based on how many hours they work.
BoycottTNCs DeleteUber & Loselyft Workers need basic labor laws & passengers need a safer service. Time to do what should have been done in the first place, properly RegulateTNCs. PassengerSafetyShouldBeParamount, not disregarded. RideSafe
Don't forget... Uber has spent more than nine months battling California regulators’ demands for detailed information on sexual harassment and assault claims made by its customers and drivers.
Who needs business when we have the FED? UBER only down 1% on horrible earnings and trading pre-pandemic levels is a reflection of Powell’s magic.
It’s great news!