YipitData market research firm YipitData reports that Uber/Lyft’s record fare reached a new record last week because of high gas prices and 35% fewer rides during the first quarter.
Companies hoped the labor shortage would improve once states ended pandemic-driven unemployment benefits. However, demand for drivers continues to outpace supply.
Investors and analysts are asking whether the ride-hailing industry has reached its peak and whether Lyft or Uber can continue to make a profit.
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To combat the stubborn set of challenges, the companies are bringing back ride-pooling–picking up multiple passengers who want to save money by paying only part of the fare. During the current health crisis, ride-sharing was stopped.
Uber and taxis have teamed up to increase their driver pool. Lyft said that they would offer drivers higher bonuses.
Lyft President John Zimmer said that “our near-term plan will focus on increasing profits–whether it’s something we like, that’s today’s ticket to enter the market.” In a Tuesday memo that was sent to staff. Viewed by The Wall Street Journal.
Lyft shares dropped by more than 65% in the last year. Uber shares are over 50%. However, the Nasdaq Composite index has fallen to less than 20 span.
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