Ride-sharing giant Uber is continuing to have a rough time turning a profit, with the company’s third-quarter earnings revealing a net loss of $1.2 billion for the last three months despite revenues that continue to grow.
Uber CEO Dara Khosrowshahi said in a recent email to staff that the company will be “hardcore” about cutting spending on marketing and incentives and will treat hiring new employees as a “privilege.”
Uber could shut down services in California as early as Friday as the ridesharing company continues to fight the state over a new law that requires its gig economy drivers to be re-classified as employees. The threat of a stoppage comes after Uber posted a whopping $1.8 billion loss during the second quarter as the Chinese coronavirus pandemic continues to take a financial toll on the company.
Uber claims it may have to temporarily shut down in California after a judge ruled earlier this week that Uber and Lyft must classify their gig drivers as employees.
Uber Eats is offering free delivery from black-owned restaurants for the rest of the year as part of the company’s response to the #BlackLivesMatter protests that have engulfed major cities during the past seven days. But questions about the promotion’s legality have arisen, with some experts saying that it violates civil rights laws.
Uber CEO Dara Khosrowshahi’s pay package has come under fire from a group of shareholders who are questioning why his sign-on deal potentially entitles him to $100 million while employees are facing layoffs in the wake of the Chinese virus pandemic.
Ride-sharing giant Uber has announced that it will be laying off 3,700 employees, or around 14 percent of its workforce, due to the drop in its business suffered during the Chinese virus pandemic.
According to Uber’s fourth-quarter earnings released on Thursday, the company lost $1.1 billion for the three-month period but expects to be profitable by the end of 2020. Overall, the ridesharing company lost $8.5 billion in 2019.
The CEO of ride-sharing company Uber has backtracked on his recent comments in which he referred to the murder of journalist Jamal Khashoggi by Saudi Arabia as a “serious mistake.” Saudi Arabia’s sovereign wealth fund is Uber’s fifth-largest shareholder.
Ride-sharing app Uber may have to turn to selling its vast trove of user data to finally turn a profit. Following the rest of the Silicon Valley Masters of the Universe, Uber could reportedly profit from user data, which an insider described as “a wildly successful data collection on who uses it and how they use it and where they go.”
During a segment that aired on “CNN Newsroom” on Tuesday, Uber CEO Dara Khosrowshahi said in a decade that he envisioned a scenario where people will not own a car. Khosrowshahi was asked about what that world would look like in
Half of Uber drivers earn less than $10 an hour after paying vehicle-related expenses, according to a report.
Uber CEO Dara Khosrowshahi was reportedly aware of a hack that took place at the company last year for months before revealing the extent of the data breach to the public.
New York State Attorney General Eric Schneiderman has opened an investigation into Uber’s concealment of a data breach in 2016, according to a report.
Uber CEO Dara Khosrowshahi has announced new “cultural norms” for the company to replace the previous values implemented by ousted CEO Travis Kalanick.
Anti-Trump Uber CEO Dara Khosrowshahi is attempting to reduce the power of the company’s co-founder and former CEO Travis Kalanick in an ongoing power struggle, according to a report.
Uber’s Board of Directors has offered the vacant CEO job, formerly occupied by founder Travis Kalanick, to current Expedia CEO Dara Khosrowshahi.
(AFP) — Expedia chief Dara Khosrowshahi has been chosen to replace ousted Travis Kalanick as the next CEO at Uber, The New York Times reported Sunday, as the ride-hailing giant looks to move past a rough patch.
