Evercore ISI Senior Managing Director Mark Mahaney insisted on raising Uber’s price target and explained his reasons for distancing himself from Snap on “Barney & Company.”
Thousands of Uber, Lyft, and DoorDash drivers are expected to strike across the United States on Valentine’s Day to demand fair wages.
Justice for App Workers, a coalition representing more than 100,000 drivers, announced the strike last week.
The drivers, who work as independent contractors, accuse the company of offering unfair wages and taking most of their fees. The coalition said in a news release that drivers shouldn’t have to worry about making ends meet and instead “demand change from Uber, Lyft, DoorDash, and all the app companies that profit from our efforts.” said.
“Uber, Lyft, and delivery drivers are tired of being mistreated by app companies,” the coalition wrote. “We are tired of working 80 hours a week just to make ends meet, constantly worrying about our safety and worrying that we will be disabled at the click of a button.”
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Uber and Lyft drivers protest during a daylong walkout outside Uber’s offices in Saugus, Massachusetts, in May 2019. (Reuters)
The demo comes about a week after Lyft announced it would guarantee drivers weekly earnings, a first for the ride-hailing company as it seeks to attract more drivers.
“We’re always working to improve the driver experience, which is why this month we released a series of new offers and commitments aimed at improving driver pay and transparency,” Lyft said in a statement.
Uber said such strikes involve a small number of drivers and have little impact on business. U.S. drivers earned about $33 per hour worked in the fourth quarter, CEO Dara Khosrowshahi said on an earnings call with analysts last week.
Last year, Uber drivers’ average monthly gross income fell by 17.1%, while Lyft drivers’ earnings rose by 2.5%, according to Gridwise, which analyzes gig mobility data.
A demonstration is planned for Austin, Texas. Chicago, Illinois; Hartford, Connecticut. Newark, New Jersey. Miami, Florida; Orlando, Florida. Tampa, Florida. Philadelphia, Pennsylvania. Pittsburgh, Pennsylvania, and Rhode Island.
LYFT ensures drivers receive a base percentage of passenger fares
Thousands of Uber, Lyft, and DoorDash drivers are expected to strike across the United States on Valentine’s Day to demand fair wages. (Getty Images)
“This is the biggest strike I’ve ever seen, with thousands of drivers participating…it’s going to be nationwide,” said the Miami driver and president of the Justice for App Workers coalition. said member Jonathan Crews.
Many drivers apply to these rideshare and delivery companies to supplement their income, while others drive full-time for the platform.
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Nicole Moore, president of the California-based Rideshare Drivers United union, said: “In the first year of algorithmic pricing, drivers have been paid an incredible amount less. Even if we had an algorithm, it would be completely useless.”
“By not paying drivers a living wage, they can barely afford the basic necessities,” said Shantoine Humphrey, a driver in Dallas, Texas.
Reuters contributed to this report.
