US Uber Drivers Gradually Return To Work: Reuters

  • 33,000 drivers joined the Uber Technologies Inc UBER platform during the May 17 week, posting a week-on-week active driver hour growth of 4.4%, Reuters reports. It had led to a moderate reduction in the passenger wait period.
  • Uber reported 209,000 quarterly drivers through 2019 end in California.
  • According to Uber's statement, the drivers were returning to capitalize on higher earnings opportunities from the ride-hailing platform's driver stimulus.
  • Uber is trying to win back drivers through COVID-19 vaccine partnerships. It had previously announced plans to invest $250 million to boost driver earnings and offer payment guarantees.
  • Uber fares in April surged 40% year-on-year due to demand-supply mismatch, Business Insider reports. It rose to 50% during surge pricing periods.
  • Price action: UBER shares traded lower by 0.89% at $50.38 in the premarket session on the last check Tuesday.
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