82º
wsls logo
    • News
    • Watch Live
    • Local News
    • Virginia
    • National
    • World
    • Back To School
    • Education
    • Money
    • Trust Index
    • Decision 2022
    • Politics
    • Coronavirus
    • Health
    • Entertainment
    • Sports
    • 1st and 10
    • High School Sports
    • Virginia Tech
    • Virginia Tech Stats
    • Take on 10
    • Around the Way with EJ
    • NFL
    • Features
    • WSLS Insider
    • Contests & Rules
    • Community Calendar
    • Connecting Communities
    • Dining for Charities
    • Top 10 Deals
    • Ask 10
    • Tasty Tuesday
    • Feel Good VA
    • Local Business Spotlight
    • Clear the Shelters
    • Travel
    • MeTV
    • 10 News Now
    • Recent Newscasts
    • Meet the Team
    • Solutionaries
    • Something Good
    • TV Listings
    • Weather
    • School Closings
    • Pin It
    • Picture of the Day
    • 3 Degree Guarantee
    • Skycams
    • Forecasting Change
    • Know Your Zone - Roanoke
    • Know Your Zone - Lynchburg Area
    • Know Your Zone - New River Valley
    • Know Your Zone - Southside
    • Know Your Zone - Highlands
    • Traffic
    • Newsletters
    • Contact Us
    • Advertise with us
  • News
  • Sports
  • Features
  • 10 News Now
  • Weather
  • Traffic
  • Newsletters
  • Contact Us
WSLS.com
  • News
  • Sports
  • Features
  • 10 News Now
  • Weather
  • Traffic
  • Newsletters
  • Contact Us
  • LIVE
  • BREAKING NEWS

10 News @ 5

Watch 10 News for the latest local, statewide and national news, as well as the forecast from Your Local Weather Authority.

1 hour ago

Man charged after officer-involved shooting in downtown Roanoke

A man has been charged in connection with an officer-involved shooting that happened on Thursday night in downtown Roanoke, according to the Virginia State Police.

LIVE

10 News @ 5

Man charged after officer-involved shooting in downtown Roanoke

Ad

DARA KHOSROWSHAHI


Gig economy stocks popped this week after showing strong demand for their services

Shares of gig economy companies popped this week as Uber, Lyft, DoorDash and Airbnb posted quarterly reports that showed strong demand.

cnbc.com

Uber Embodies the Post-Covid Inflationary Economy

The ride-sharing company is finally enjoying some pricing power, which may be the turning point investors have long waited for.

washingtonpost.com

Uber loses $2.6 billion, but its stock soared anyway

The ride-hailing company announced its second quarter results before the stock market opening Tuesday.

washingtonpost.com

Uber reports another big loss but beats on revenue, shares pop 13%

Uber reported a second quarter loss on Tuesday but beat analyst estimates for revenue.

cnbc.com

Uber updates grocery delivery service with after-hours ordering and more

Uber announced the most comprehensive update to its grocery delivery service on Thursday since its initial launch in 2020.

cnbc.com

Uber lobbied and used 'stealth' tech to block scrutiny, according to a new report

A nonprofit network of investigative reporters details charges of how the ride-sharing service pushed into markets around the world as a company spokesperson acknowledged "mistakes'' in the past.

npr.org

Uber used a secret tactic known as the 'kill switch' to block law enforcement from accessing company data during police raids, leaked documents show

Uber execs blocked authorities from accessing company data at least 12 times during European office raids, documents leaked to the Guardian reveal.

news.yahoo.com

Report: Uber lobbied, used 'stealth' tech to block scrutiny

As Uber pushed into markets around the world, the ride-sharing service lobbied political leaders to relax labor and taxi laws and used a “kill switch″ to thwart regulators and law enforcement.

Global inflation: Five ways US rate rise will affect you

The impact of higher interest rates in the US will cascade through the global economy.

bbc.co.uk
Ad

Help (mostly) wanted: A diverging job market boosts some workers' prospects and puts others on notice

The divergence could mean a slowdown in wage growth, or hiring itself, could curtail spending, which has been robust despite deteriorating consumer confidence.

cnbc.com

Uber's big new update lets you book party buses, electric vehicles and more — here's what's new

Uber's new features include things like booking charter transportation, the ability to upload a trip itinerary to book rides and more.

cnbc.com

Stocks making the biggest moves midday: Palantir, Rivian, Uber and more

These are the stocks posting the largest moves in midday trading.

cnbc.com

Uber CEO tells staff company will cut down on costs, treat hiring as a 'privilege'

Uber will slash spending on marketing and incentives and treat hiring as a "privilege," CEO Dara Khosrowshahi said in an email to staff on Sunday.

cnbc.com

Uber reports surging revenue as drivers return, but posts massive loss on investments

Uber expects to keep drivers at high without "significant incremental incentive investments."

cnbc.com

Uber raises first quarter outlook on strong ridership rebound

The company said mobility demand has improved "significantly" through February.

cnbc.com

Uber adds passengers, food orders amid omicron surge

Rival Lyft predicted the omicron surge would hinder growth, a sign that despite easing health restrictions, ride-hailing apps are still adapting to the pandemic.

npr.org

Uber beats on revenue, says core business is bouncing back after omicron surge

Uber beat analyst estimates on revenue for the quarter and said it's starting to bounce back from headwinds caused by the omicron coronavirus surge.

cnbc.com

After a rocky 2021, Uber may be a top pick in the new year, analysts say

Despite losing some investor confidence amid continued Covid headwinds, Uber could be positioning itself for a comeback in 2022, analysts say.

cnbc.com
Ad

Uber shares jump after CEO says company just had its 'best week ever'

Shares of Lyft were also up following the Uber CEO's comments.

cnbc.com

Stocks making the biggest moves midday: Uber, DraftKings, Seagen, Activision Blizzard and more

These are the stocks posting the largest moves in midday trading.

cnbc.com

Uber CEO sees surge prices easing up by end of year

The ride hailing giant has spent hundreds of millions this past year in a bid to woo drivers to its platform in an effort to keep up with surging demand.

cnbc.com

Lyft, Uber to cover fees for drivers sued under Texas law

Ride-hailing companies Uber and Lyft say they will cover the legal fees of any driver who is sued under the new law prohibiting most abortions in Texas.

Lyft And Uber Prices Are High. Wait Times Are Long And Drivers Are Scarce

Lyft and Uber fares are estimated to be nearly 80% higher than pre-pandemic prices in some cities. The companies say a driver shortage is driving up prices.

npr.org

Uber CEO explains why he’s mandating vaccines for office workers but not drivers

Uber hasn't shared recent figures on how many drivers it has, but said Wednesday it facilitated 1.51 billion trips on the platform in its second quarter.

cnbc.com

Uber's recovery accelerates as more people seek rides again

Uber’s ride-hailing service is regaining most of the momentum it lost during the pandemic.

Uber beats estimates, core business lost $509 million in Q2

Uber reaffirmed its expectation to reach profitability on an adjusted EBITDA basis by the end of this year.

cnbc.com

Uber shares drop as Softbank plans to sell shares to cover Didi losses

Uber CEO Dara Khosrowshahi speaks at a product launch event in San Francisco, California on September 26, 2019. SoftBank is selling about one-third of its stake in ride-hailing company Uber to cover losses on its investment in Chinese ride-hailing company Didi, two people familiar with the matter told CNBC. It's planning to sell 45 million shares, which will have a 30-day lockup. Uber shares fell 5% in extended trading following the report. SoftBank has lost about $4 billion on its Didi position in total, CNBC's Deirdre Bosa reported.

cnbc.com
Ad

Driving weedshare: Uber and the hazy economics of delivering cannabis

With recreational cannabis legal in more states, the on-demand delivery wars could be headed for marijuana dispensaries.

cnbc.com

Uber CEO is 'not happy' with how long it's taking to pick riders up or prices being charged

With Americans getting vaccinated and pandemic restrictions easing, people are ready to travel and leave their homes again, turning to rideshare companies.

cnbc.com

Uber demand jumps as delivery grows, ride-hailing recovers

Uber saw record demand in the first quarter as its food delivery business grew while lockdowns ended and more customers hailed rides.

Uber CEO says company could get into cannabis delivery

Uber could start delivering cannabis once federal regulation allows the company to do so, CEO Dara Khosrowshahi told CNBC on Monday.

cnbc.com

Uber posts record gross bookings in March as ride-hailing demand picks up

Uber has seen a pickup in demand for ride hailing lately, as states begin to relax their restrictions and roll out vaccines.

cnbc.com

EXPLAINER: How Uber UK case could foreshadow gig work revamp

It's an early sign of what companies like Uber face as authorities get to grips with regulating the app-based gig economy. San Francisco-based Uber Technologies Inc. says a driver's minimum wage will be calculated based on the time they accept a trip through the app. Of course you should," said James Farrar, one of two former Uber drivers who filed the initial claim. THE GIG ECONOMY'S FUTUREThe Uber case is part of broader efforts to rein in the gig economy that are gaining traction, at least in Europe. AdCEO Dara Khosrowshahi has been a dvocating for reforms to what he called outdated labor laws that force gig workers to choose between flexibility and social protections.

Uber grants UK drivers worker status after losing major labor battle

On the heels of losing a major labor battle in the United Kingdom, Uber will reclassify all U.K.-based drivers as workers. While the move will increase Uber's costs in the U.K., the company is still targeting adjusted EBITDA profitability by year-end. Earlier this year, Uber lost a major legal battle in the U.K. around this issue. The country's Supreme Court upheld a ruling that a group of drivers were workers, not independent contractors. In turn, gig workers received some benefits without full employment status.

cnbc.com

Ride-sharing stocks a rare bright spot in otherwise miserable day for tech

Ride-sharing stocks closed Wednesday as a rare bright spot for tech stocks in an otherwise weak day for the sector that's seen strong growth in the past year. Shares of Lyft closed up more than 8% as investors rallied around the company after it said it's seeing rideshare recovery sooner than expected. The tech sector's drop came as the 10-year Treasury yield extended its gains. Higher bond yields can hit technology stocks particularly hard as they have been relying on easy borrowing for superior growth. The largest tech stocks weren't spared either.

cnbc.com

Lyft says it just had its best week for rides since pandemic lockdowns began

Lyft is seeing a recovery in ridesharing sooner than it had expected. Lyft now expects to manage its adjusted EBITDA loss in the first quarter to $135 million, from the $145 million to $150 million it previously forecast. The company said in the filing that the last week of February was its best week in terms of volume since pandemic lockdowns began in March of 2020. Additionally, Lyft expects the recovery to continue into this month and show positive year-over-year growth in ridesharing volume for the second half of March. Even as ridesharing volumes plummeted amid the pandemic, Uber and Lyft, the two main U.S. players in ridesharing, have committed to become profitable by the end of 2021 on an adjusted EBITDA basis.

cnbc.com
Ad

Uber won’t buy bitcoin with its cash but would consider accepting it as payment, CEO says

Uber CEO Dara Khosrowshahi told CNBC on Thursday the company discussed but "quickly dismissed" the idea of buying bitcoin with corporate cash like Telsa. However, Khosrowshahi said Uber would consider accepting cryptocurrencies as payment. As of Dec. 31, Uber reported it had $5.65 billion in cash and cash equivalents, along with $1.18 billion in short-term investments. While bitcoin has seen increased institutional adoption lately, some still believe there's still too much uncertainty about its future. Like Uber, PepsiCo CFO Hugh Johnston told CNBC on Thursday that the beverage giant has "had the conversation" about buying bitcoin with its cash.

cnbc.com

Uber's 4Q loss narrows, raising hopes for pandemic recovery

In 2020, the ride-hailing service was forced to rely more heavily on its food-delivery service. But analysts believe Uber’s pioneering ride-hailing service will also eventually bounce back as more people are vaccinated against COVID-19. He also predicted that Uber's losses may evaporate by the end of this year. The company’s ride-hailing service brought in revenue of $1.48 billion in the quarter, a 52% drop from the prior year. Meanwhile, revenue in Uber's food-delivery service more than tripled from the previous year to $1.37 billion.

Uber losses narrow as delivery growth outpaces fall in ride-sharing

Uber's stock fell more than 3% after the bell on Wednesday as the company delivered mixed fourth-quarter earnings results, as its ride-hailing business slowly recovers and its delivery business booms. Here's how Uber did versus expectations:Loss: 54 cents per share, versus 56 cents expected, according to a consensus of analysts surveyed by Refinitiv. Revenue: $3.17 billion versus $3.58 billion expected per Refinitiv. According to a statement from Uber, the deal was valued at $1.1 billion in stock and cash combined. (The companies did not break down the portion of the deal done in stock versus cash.)

cnbc.com

Walgreens and Uber team up to make sure underserved communities have access to COVID-19 vaccines

Retail pharmacy chain Walgreens and rideshare app Uber are teaming up to take on disparities in COVID-19 vaccine access, by giving people in underserved communities free rides to vaccine appointments. "It's our belief that transportation should never be a barrier for health care, especially as it related to something as important as vaccinations," Uber CEO Dara Khosrowshahi said on "CBS This Morning" Tuesday. Americans in the communities served by the program do not already need an Uber account to participate, Khosrowshahi said. Rina Shah, Walgreens' vice president of pharmacy operations and services, pledged the company would "ensure that those individuals that are eligible are the ones able to schedule an appointment." Walgreens has already provided 2.3 million vaccines to Americans across the country, and starting Friday, the pharmacy chain will expand vaccinations in stores across 15 states and major cities.

cbsnews.com

Uber agrees to buy alcohol delivery service Drizly for $1.1 billion

Uber announced Tuesday it is acquiring alcohol-delivery service Drizly for $1.1 billion in stock and cash. Following the completion of the transaction, Drizly's marketplace will be integrated with the Uber Eats app. Founded in 2012, Drizly has become the leading on-demand alcohol delivery service in the U.S. and is available in 1,400 cities. "During this time our delivery business as been growing at extraordinary rates," Uber CEO Dara Khosrowshahi told CNBC on Tuesday. After talks failed to acquire food delivery service GrubHub, Uber acquired Postmates last July.

cnbc.com

Uber CEO: We're not giving up on self-driving after selling off the business

Uber announced Monday it was selling its self-driving unit, Advanced Technologies Group, to Aurora Innovation, but CEO Dara Khosrowshahi said he doesn't believe the company is giving up its self-driving play. "What's crucial is for us to have access to the very best and leading autonomous technology out there," Khosrowshahi said on CNBC's "Squawk Box." "What we want to make sure is as that technology is developed, it's developed for Uber network and is available for the Uber network at scale." As part of the deal, Khosrowshahi will join the Aurora's board, and the ride-sharing giant will invest $400 million into the company. "What this deal does is essentially bring two leading teams together in the autonomous space," Khosrowshahi said.

cnbc.com

Uber, hard-hit by pandemic, sells its robot-vehicle division

SAN RAMON, Calif. – Uber is selling off its autonomous vehicles development arm as the ride-hailing company slims down after its revenues were pummeled by the coronavirus pandemic. Self-driving vehicle technology company Aurora will acquire the employees and technology behind Uber's Advanced Technologies Group in an stock transaction, the companies said Monday. Uber will also invest $400 million into Aurora, and Uber's CEO Dara Khosrowshahi will join Aurora's board of directors. After the transaction, Aurora will be worth $10 billion and Uber will hold 26% stake in the company, Aurora CEO Chris Urmson said in an interview. San Francisco-based Uber will lose a critical piece of its company after the pandemic cut into its finances by suppressing demand for shared rides.

Uber sells its self-driving unit to Aurora

Uber's self-driving unit, Advanced Technologies Group (ATG), is being acquired by its start-up competitor Aurora Innovation, the companies announced Monday. Uber CEO Dara Khosrowshahi will join the company's board, and the ride-sharing giant will invest $400 million into the company. Overall, Uber and ATG investors and employees are expected to own a 40% stake in Aurora, according to a regulatory filing accompanying the deal; Uber alone will hold a 26% stake. "Few technologies hold as much promise to improve people's lives with safe, accessible, and environmentally friendly transportation as self-driving vehicles," said Uber CEO Khosrowshahi in a statement. ATG had been a long-term play for Uber, but the unit brought high costs and safety challenges.

cnbc.com

Uber shares surge to record as investors look past mounting losses and toward vaccine

However, while Uber's stock has erased its post-IPO losses and finally generated some gains for investors, Lyft remains almost 50% below its debut price from last year. Uber has partly offset declines in its core ride-sharing business this year through Uber Eats. Still, the delivery business lost $183 million on an adjusted basis, after a deficit of $232 million in the second quarter. The negative margin in the delivery business shrank to 16.1% in the third quarter from 26.2% in the second quarter and 59.4% in the first. WATCH: Uber's delivery growth shows better to path to profits versus mobility

cnbc.com
Ad

Uber's food delivery business outshines core rides service

Uber's food delivery business brought in more money during the third quarter than its signature rides business , showing just how much consumer behavior has changed — and how far the company has adapted — since the pandemic struck. Uber brought in $3.13 billion in revenue, down 18% from the same time last year. Despite the decline, the rides business showed improvement from the second quarter, when it brought in just $790 million. Uber’s food delivery business also brought in more revenue than its rides business in the second quarter, when demand for rides was even lower due to the pandemic. Voters there passed Proposition 22, granting Uber, Lyft, Doordash and others an exception to a law that sought to classify their drivers as employees, an expense that analysts thought would have pummeled Uber's business in California.

Ride-hailing, delivery giants win fight against labor law

Uber, Lyft, Doordash, Instacart and others sought to get out of those requirements, and after failing in court, succeeded in convincing voters to give them an exemption from most of the year-old law’s provisions. A record $200 million spending spree by the companies and their supporters helped them win the vote. The investment yielded a huge return for Uber and Lyft, whose combined market value climbed by $10 billion on Wednesday. Uber told its drivers the company would let drivers know how to enroll in benefits in the next few weeks. “It’s not really fair that Uber, Lyft etc.

Uber, Lyft spend big, win in California vote about drivers

FILE - In this Aug. 20, 2020, file photo travelers request an Uber ride at Los Angeles International Airport's LAX-it pick up terminal. A California ballot measure that would exempt Uber, Lyft and other app-based delivery drivers from being classified as company employees eligible for benefits and job protections led Tuesday, Nov. 3, 2020, in early vote counts. San Francisco-based Uber and Lyft had threatened to pull out of California if they lost. Opponents said the companies exploit drivers to keep profits high and the ballot measure would deprive workers of rights like overtime pay and workers’ compensation. Supporters said the measure would allow drivers to maintain the freedom to work hours they choose and would provide other benefits.

Uber and Lyft expected to prevail in California ballot measure exempting them from state labor law

California voters decided Tuesday that Uber and Lyft should be exempt from state labor law that aimed to make their drivers employees rather than contractors, according to projections from NBC News. While that would disqualify them for benefits granted to employees, the measure also entitles drivers to new benefits like minimum earnings and vehicle insurance. Several gig economy apps backed the measure, including Uber, Lyft, DoorDash, Instacart and Postmates, which Uber is acquiring. Like Uber and Lyft, these companies also rely heavily on gig workers for their delivery services. WATCH: Uber, Lyft spend millions on campaign to protect their business in California

cnbc.com

Uber and Lyft face setback in case to reclassify workers, but it's far from over

Uber and Lyft must comply with a preliminary injunction requiring them to stop classifying drivers as independent contractors pending further action, an appeals court ruled Thursday. Uber and Lyft will likely have about 60 days to ask the California Supreme Court to review the decision. 22," a Lyft spokesperson said in a statement, adding Lyft is still considering all legal options, including an appeal to the California Supreme Court. But remember, companies like Uber and Lyft that classify gig workers as 'independent contractors' don't pay into unemployment benefit funds for workers. That means that American taxpayers — not gig companies like Uber and Lyft — are covering the unemployment benefits that gig workers are receiving from the COVID bailout."

cnbc.com

Ready to vote but need a ride? This company says it’s stepping in to help

And just like every election year, it’s of the utmost importance that citizens cast their ballot in this year’s election. If you’ve registered but are already concerned about how you will make it to a polling station, the ride-sharing company Uber wants to step in and lend a hand. As Election Day approaches, and as part of its “Get Out the Vote” campaign, the company aims to help people find their polling location, as well as offer discounted rides to and from the poll during early voting. “As we look ahead to this year’s election, we are committed to doing our part to make sure every citizen has access to vote,” Uber CEO Dara Khosrowshahi said. Uber officials said as Election Day nears, people will begin to have access to important information in the app.

Uber says its drivers make $55,000 a year, but some critics cry "phony-baloney"

Outside studies have found that drivers for the ride-hailing service can expect to make less than $20,000 a year.

cbsnews.com

Tornado, virus, protests rattle Nashville rideshare economy

Then came what she calls Nashvilles quadruple-whammy: a tornado, coronavirus closures, protests that rocked downtown, then more closures. Bicknese says business has gone from dismal to tolerable, but only because so many drivers have voluntarily stayed home. Bicknese chose to keep driving because she didn't think she could make her car and insurance payments on unemployment. Then what happened is so many drivers filed for unemployment and stopped driving that demand came back," she said. Instead of well-heeled tourists, Bicknese finds herself driving people on unemployment, factory workers and patients travelling to medical appointments.

Uber cuts 3,000 jobs as pandemic slashes demand for rides

NEW YORK Uber has cut 3,000 jobs from its workforce, its second major wave of layoffs in two weeks as the coronavirus slashed demand for rides. It will also pursue strategic alternatives for its job recruiting app, Uber Works, Khosrowshahi said. I wanted there to be a different answer ... but there simply was no good news to hear.Uber's rides business, the company's main profit generator, fell 80% in April compared to the same month last year. Uber's drivers are considered freelance or contract workers, not full-fledged employees, so despite the sharp drop in their incomes from obliterated demand, they are not eligible for severance or benefits from the company. One silver lining to the pandemic is that Uber's Eats business has become more important to people staying home and restaurants, and delivery is here to stay, Khosrowshahi said.

Ad

'Feels like we're at the bottom': Some executives see signs of recovery in April

But in the last couple of weeks, many company executives and investors across industries say they are seeing small signs business is picking up again. Tech optimism: 'Signs of stability'Companies throughout the tech industry expressed cautious optimism on earnings calls for the March quarter, suggesting that things were starting to look up in April after an alarming drop-off in March. That began to recover some in March, and we've seen further recovery in April. Auto industry: 'We are over the worst'Automakers have seen signs of a rebound sooner than many initially expected when the coronavirus started devastating the industry in March. "We think it's very good that we're seeing the recovery in China that is more like a V recovery, but we're not counting on that," Barra said.

cnbc.com

Uber CEO says drivers should get healthcare benefits based on how much they work, and Uber would pay for it

Drivers should earn healthcare benefits commensurate with the hours they work, he said Friday in an interview on CNBC's "Squawk Box." "If you're putting in the hours, you should get minimum earnings based on the hours that you're working and you should get healthcare based on the hours that you're working. Khosrowshahi said Uber would put money into a fund based on the hours workers put in. That fund would pay into workers' healthcare benefits and minimum earnings. The letter also asked for gig workers to gain access to unemployment benefits allocated in response to the coronavirus pandemic.

cnbc.com

Uber shares shoot up after CEO says ride volume is increasing again after April bottom

The company's shares initially dipped after hours, but then shot up as much as 10% as CEO Dara Khosrowshahi expressed optimism that ride volume is picking up again after bottoming out in mid-April. Gross bookings in Uber's core business segment, Rides, fell 5% from a year ago. In addition, gross bookings for its food delivery segment, Eats, were up more than 50% year-over-year as more people ordered food for delivery at home, and a greater variety of restaurants signed up to offer delivery, too. According to Refinitiv, analysts were expecting a loss of 88 cents per share and revenue of $3.5 billion. However, estimates range widely, and comparing Uber's actual results with these isn't straightforward given the unpredictable spread and impact of Covid-19.

cnbc.com

Uber reports massive losses, and big layoffs hit Silicon Valley's lucrative start-up sector: CNBC After Hours

Today, CNBC's Kate Rooney also takes a look at the widespread layoffs hitting the lucrative tech sector and start-up scene. Here's what you missed in business news today:Uber's quarterly net loss balloons to $2.9 billion, its biggest loss in three quartersRide-hailing giant Uber just reported first-quarter results. The net loss of $2.9 billion, total, included $2.1 billion in impairment charges from companies in which Uber has a stake, but represented Uber's biggest loss in three quarters. Gross bookings in Uber's core business segment, Rides, fell 5% from a year ago. However, on the company's earnings call, CEO Dara Khosrowshahi said that the Rides business was down around 80% in April from last year, suggesting a hard Q2 ahead.

cnbc.com

Uber leads $170 million investment in scooter company Lime

Uber is leading a $170 million investment round in Lime, the electric scooter and bike rental company announced Thursday. Bain Capital Ventures, Alphabet and separately its venture capital arm GV are also participating in the financing round, Lime said. Under the deal, Uber will transfer its own electric bike and scooter division called Jump to Lime and the companies will further integrate their apps. Lime global head of operations and strategy Wayne Ting will become CEO of Lime while outgoing CEO Brad Bao will become chairman. The Information reported on talks between Uber and Lime earlier this week and said the $170 million investment would value Lime at $510 million, 79% below its previous valuation.

cnbc.com

Uber to lay off 3,700 employees, about 14% of workforce

Uber said Wednesday it will lay off 3,700 employees and that CEO Dara Khosrowshahi will forgo his base salary for the rest of the year. The layoffs to its customer support and recruiting teams represent about 14% of its 26,900 employees, based on Uber's most recent headcount. Khosrowshahi hinted in a memo to employees Wednesday that more cost cuts are on the way. "We are looking at many scenarios and at each and every cost, both variable and fixed, across the company," Khosrowshahi said. Khosrowshahi said Uber would give employees "a further, final update" within two weeks.

cnbc.com

Uber shares pop after the company scraps guidance and forecasts investment writedown

Uber shares rose as much as 7% in extended trading on Thursday after the company said that it was withdrawing guidance given during its Q4 earnings call and warned that it expects an impairment charge because of declines in investments. The company's ride-sharing and delivery businesses have been affected by the coronavirus pandemic and lockdowns, but Uber has given little guidance on the expected effects. Investors may be cheered by the relatively small effect of programs that Uber rolled out to help drivers during the pandemic. Uber also said it would take a one-time charge between $1.9 billion and $2.2 billion on the value of equity investments, affecting GAAP net loss by that amount. Last year, Uber reported $8.51 billion net loss, primarily because of stock-based compensation.

cnbc.com

Gig workers for companies like Uber, Lyft would get unemployment benefits under $2 trillion Senate stimulus bill

Gig workers won a landmark protection in the $2 trillion stimulus bill that passed in a unanimous 96-0 vote in the Senate Wednesday. The bill would allow gig workers, such as Uber and Lyft drivers, as well as freelancers and the self-employed to be eligible to apply for unemployment benefits. The protection also marks a win for the companies that employ gig workers and rely on them for their businesses to function. California recently enacted a law that aims to reclassify gig workers as employees, which Uber has challenged in a lawsuit with Postmates and two of its contractors. The reclassification would require companies relying on gig workers to take on costs of full-time employers, such as healthcare benefits.

cnbc.com

Uber CEO asks Trump to support gig workers impacted by the coronavirus

Such a change would require Uber to take on additional expenses to protect its workers, like healthcare costs. Now, rather than give into attempts to reclassify workers, Uber is turning to the government to plead for help on their behalf. Uber and other companies relying on gig workers like Lyft and DoorDash have opposed a new law in California that aims to reclassify its workers as employees. Proponents of the law say it protects workers who are clearly core to the businesses of companies like Uber. Uber has already taken some steps to help its workers impacted by the crisis, as Khosrowshahi outlined in his letter.

cnbc.com

Uber loses more than $1 billion in third quarter

Justin Sullivan/Getty Images(CNN) - Uber is still reporting steep losses but its revenue growth is showing some promise. On Monday, the ride-hailing company reported it lost $1.16 billion during the third quarter including $401 million in stock-based compensation expenses related to its public offering in May. In the second quarter, it reported a staggering loss of $5.2 billion, about $3.9 billion of which was related to IPO expenses. There are some bright spots: Uber posted revenue of $3.8 billion during the quarter, a 30% increase from a year earlier. Revenue growth was just 12% in the second quarter compared to the year prior.

Uber lays off 350 more workers in last wave of cuts

KTXL via CNN(CNN) - Uber laid off approximately 350 employees across several different teams on Monday, a spokesperson confirmed to CNN Business. In addition to the cuts, some employees were asked to relocate to other offices. Over 70% of the employees impacted by this round of layoffs are based in the US and Canada. In September, Uber laid off about 435 employees from its product and engineering teams. In August, Uber reported its largest quarterly loss ever: $5.2 billion in the three months ending in June.

Uber's new offerings don't measure up to its challenges

Justin Sullivan/Getty Images(CNN) - With pressure mounting on its business, Uber decided to take a well-worn page from the Big Tech playbook: hold a flashy press event. Khosrowshahi also showed off what he described as "the next generation of the Uber app," with more integration of its food delivery and micromobility services. "It's lipstick on several pigs at once," said David Kirsch, a University of Maryland business professor. Gad Allon, a professor at the University of Pennsylvania's Wharton Business School, described Uber's announcements as focusing on small issues when big challenges remain unresolved. Chen also thinks that Uber's announcement of expanding its rewards program to include food delivery will be helpful.

Uber is laying off hundreds of staffers, again

Justin Sullivan/Getty Images(CNN) - Uber laid off hundreds more employees -- this time, across its engineering and product teams in an effort to "reset." The company confirmed to CNN Business Tuesday that about 435 positions -- 170 in its product team and 265 on its engineering team -- were eliminated. The company said the layoffs represent about 8% of the product and engineering teams. Notably, the layoffs did not impact product and engineering staffers working on its growing meal-delivery business known as Eats. After careful consideration, our Engineering and Product leaders concluded the answer to this question in many respects was no."

Uber burned through $5.2 billion last quarter

CNN imageSAN FRANCISCO, Calif. - Even by Uber's standards, the company burned through a staggering amount of money in its most recent quarter. Uber said Thursday that it lost $5.2 billion in the three months ending in June, its largest quarterly loss ever, fueled mostly by $3.9 billion in stock-based compensation expenses related to its public offering during the quarter. Without those charges, however, the company still lost about $1.3 billion during the quarter, a roughly 50% spike from the year prior. Khosrowshahi stressed that Uber's ride-hailing service, along with its meal delivery service, each have the potential to "be a spectacular business long-term." But even as it invests aggressively, Uber's revenue growth continues to slow.

Uber lays off 400 people on its marketing team

Justin Sullivan/Getty ImagesUber is laying off roughly one-third of its global marketing staff. In an email sent by Uber CEO Dara Khosrowshahi to staff and seen by CNN Business, he says, "we are not making these changes because Marketing has become less important to Uber. The layoffs are just the latest turbulence inside Uber in the less than three months since it went public. In early June, Khosrowshahi announced that two top executives were leaving the company, including chief marketing officer Rebecca Messina. According to an Uber spokesperson, Hazelbaker and Khosrowshahi announced a new marketing team structure to staff Monday.

  • TV Listings
  • Contests and Rules
  • Email Newsletters
  • RSS Feeds
  • Closed Captioning / Audio Description
  • Contact Us
  • Careers at WSLS 10
  • Internships at WSLS 10
  • Terms of Use
  • Privacy Policy
  • Public File
  • FCC Applications
  • Do Not Sell My Info
Follow Us
facebook
twitter
instagram
rss
Get Results with Omne
Omne Results Logo

If you need help with the Public File, call 540-512-1558.


Graham Media Group LogoGraham Digital Logo

Copyright © 2022 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings.