Fox Business Flash top headlines for September 8
Fox Business Flash top headlines are here. Check out what’s clicking on FoxBusiness.com.
Ride-hailing firm Lyft Inc said on Tuesday that its trips rose 7.3% in August from July as operations in Canada recovered faster than in the United States.
Continue Reading Below
WHY UBER, LYFT'S FUTURE IN CALIFORNIA COULD BE DECIDED BY VOTERS
But the novel coronavirus pandemic is still crushing demand with overall August rides down 53% compared to a year earlier, said the company, which operates in the U.S. and Canada only.
|UBER||UBER TECHNOLOGIES INC.||34.32||+1.08||+3.25%|
Trips had dropped as much as 80% during the height of the coronavirus outbreak in April.
Lyft on Tuesday said it used fewer driver incentives in August as more drivers returned to service and said it expects lower incentive spending in the third quarter.
UBER OFFERING $24.99 PER MONTH DISCOUNT MEMBERSHIPS
Lyft's President John Zimmer in May said Americans will turn to ride-hailing as the first opportunity to make up for lost income as the U.S. economy reopens, with the oversupply in drivers allowing the company to cut costs.
Lyft expects an adjusted loss for the third quarter to not exceed $265 million.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The company on Tuesday also said it has increased spending on Proposition 22, a November ballot measure in California which seeks to reverse a contested state law that forces gig economy companies to treat their workers as employees.
Lyft, Uber Technologies Inc, DoorDash Inc and Instacart each spent an additional $17.5 million on the measure, bringing total funding for the campaign to $181 million, according to a public state filing on Friday.
CLICK HERE TO READ MORE ON FOX BUSINESS
Source: Read Full Article