Taxi Driver Online

Uber and Lyft fare revenue plunges more than 50 per cent

Ride-hailing apps Uber (UBER) and Lyft (LYFT) have both seen their revenue from fares drop by more than 50 per cent. This is a result of the ongoing Covid-19 pandemic, according to The Information Sources.

It is thought that the impact of the widespread lockdowns imposed across much of the world to arrest the spread of the novel coronavirus has been lighter on Uber than on its close rival. This is because the firm has been paying drivers a lower share of passenger fares than it did 12 months ago.

Nonetheless, Uber’s revenue from passenger rides, after the payment of drivers, is expected to slump to $450m (£366m, €417m) in the first quarter of 2020 from $800m in the fourth quarter of 2019.

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IDFIMH

Not often I'm speechless.

Firstly work has decreased a lot more than 50%, but I can't believe Uber are actually taking a higher % from drivers who are doing a fraction of the work they once did.

FFS.

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IDFIMH

Here in Newcastle. Uber are still charging drivers 25% of fare per journey.

Apart from giving nhs staff free lifts and reembursing drivers 100% of the journey with no bit taken off.

My mate made £26 Monday after 9hrs. He has not logged back on since.

Bandits always want more than their fair share.