- The fares of Uber Technologies Inc UBER and Lyft Inc LYFT in the U.S. are at a record high, despite their drivers returning to work. The fares have risen month-to-month from February through July, WSJ reports quoting Rakuten Intelligence’s data.
- Consumers have paid over 50% more for a ride in July compared with January 2020, before the COVID-19 pandemic.
- In June, both Uber and Lyft hiked their fares amid driver shortages.
- According to Uber, 30% more drivers signed up for work in July compared with June.
- Similarly, 50% more drivers at Lyft signed up in the three-month period, which ended in June compared with the preceding three months.
- Uber has said that the prices were returning to pre-Covid levels in cities or states that had ended unemployment benefits.
- Lyft has said that its third-quarter revenue would take a hit as it has spent $572 million on driver incentives through the second quarter.
- Uber said its drivers are making more than $40 an hour.
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
