Uber

Associated Press via Palm Beach Post

On July 3, the town of Jupiter cautioned on Facebook that its offer for free Uber rides this Fourth of July weekend would only be available on a “first come, first serve basis” and could sell out quickly.

For most companies, losing $1 billion in a quarter would be a big disappointment. But Uber's first report as a publicly traded company was actually better than it had warned investors to expect.

The ride-hailing and food-delivery giant brought in more than $3 billion in revenue in the first three months of 2019 — a 20% jump from the same quarter a year earlier.

Updated at 6:00 p.m. ET Friday

The ride-hailing company Uber made its stock market debut on Friday, and promptly saw share prices dip.

Uber priced its shares at $45, the lower end of the possible range, aiming for a total diluted market value of about $82 billion. After a delay of two and a half hours, trading started with the stock at $42, down more than 6 percent over that initial price.

Uber will go public on Friday in a highly anticipated initial public offering that will be the largest since 2014 — and one of the biggest in U.S. history.

After speculation that the ride-hailing company could be valued at as high as $120 billion, Uber is now targeting a valuation of $80 billion to $90 billion. At the same time, it has never made a profit — and has instead been burning through cash at a prodigious rate.

Updated at 11:06 p.m. ET

Ahead of Uber's initial public offering, drivers for Uber, Lyft and other ride-hailing companies went on strike Wednesday, turning off the apps as they flex their collective muscles to say: What about us?

Drivers in 10 cities across the country took action Wednesday to draw attention to what they say are decreasing wages for drivers and a distressing lack of job security — and some are calling on passengers to temporarily boycott the ride-hailing services, too.

Uber is paying $148 million to settle claims over the ride-hailing company's cover-up of a data breach in 2016, when hackers stole personal information of some 25 million customers and drivers in the U.S.

An Uber driver in Florida claimed self-defense after he fatally shot a man who trailed his car and tried run him off the road, authorities said Wednesday.

The New York City Council passed legislation Wednesday to temporarily halt new licenses of for-hire vehicles like those of Uber and Lyft, in the first action by a major U.S. city to cap the growth of the ride-hailing services.

The city council passed a package of bills to regulate the ride-hailing industry, including setting a one-year cap on the number of Uber and Lyft cars on the streets to study effects on traffic congestion, and allowing city regulators to set a minimum pay rate for drivers.

The Uber self-driving vehicle that struck and killed a pedestrian two months ago in Tempe, Ariz., took note of the victim with its sensors, but its software did not engage the car's brakes to prevent the collision, according to a preliminary report released Thursday by the National Transportation Safety Board.

Updated at 9:10 a.m. ET Wednesday

The future of Uber's self-driving car program is likely non-existent in California, at least for now.

The company announced it will not renew Uber's permit through the state's Department of Motor Vehicles to continue testing a fleet of autonomous-driving cars on California roads, following last week's deadly crash in Tempe, Ariz.

A researcher at the Massachusetts Institute of Technology says he is revising a study he co-authored after admitting that "criticism is valid" of initial findings that Uber and Lyft drivers are making a median pretax profit of $3.37 an hour and a vast majority are making less than minimum wage.

Uber said the working paper had "a major error in the authors' methodology."

Editor's note: Following sharp criticism of how this MIT study was conducted, its authors say they will redo their analysis. Uber chief economist Jonathan Hall gives his assessment of the "inconsistent logic" leading to an undercount of hourly earnings and "a major error" in the conclusions in this post.

uber screen
Uber / WLRN

The ride-sharing company, Uber, has found itself at the center of controversy again. 

The Florida Fourth District Court of Appeal ordered the company on Wednesday to divulge records it had tried to shield from the public about its relationship with the Fort Lauderdale-Hollywood International Airport, the Sun Sentinel first reported.  

Many potential emergency room patients are too sick to drive themselves to a hospital. But an ambulance can cost hundreds or thousands of dollars without insurance.

This where a popular ride-sharing app can step in, while also freeing up the ambulances for those who need them most.

Uber's license to operate in London expires in eight days — and London's transportation agency says it won't be renewed, citing a range of problems that make the company "not fit and proper to hold a private hire operator licence."

The issues raised by Transport for London include Uber's "approach to reporting serious criminal offences" and how it handles background checks.

Uber says it will appeal the decision. Transport for London had been considering granting Uber a five-year license. The company was first licensed in London in 2012.

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