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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Lyft, Inc.    LYFT

LYFT, INC.

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Seattle approves minimum pay rate for Uber and Lyft drivers

09/30/2020 | 12:09am EST
The Lyft logo is shown following the Lyft listing on the Nasdaq at an IPO event in Los Angeles,

The Seattle City Council passed a minimum pay standard for drivers for companies like Uber Technologies Inc and Lyft Inc on Tuesday.

Under the ordinance, effective January, the drivers will now earn at least $16.39 per hour - the minimum wage in Seattle for companies with more than 500 employees.

Seattle's law, modeled after a similar regulation in New York City, aims to reduce the amount of time drivers spend "cruising" without a passenger by paying drivers more during those times.

City officials argue this should prevent Uber and Lyft from oversaturating the market at drivers' expense, but the companies say it would effectively force them to block some drivers access to the app. Both Uber and Lyft have locked out drivers in response to the NYC law.

"The City's plan is deeply flawed and will actually destroy jobs for thousands of people -- as many as 4,000 drivers on Lyft alone -- and drive rideshare companies out of Seattle," Lyft said in a statement. 

Uber did not immediately respond to request for comment.

Researchers at the University of California, Berkeley, and New York's New School, who analyzed the Seattle ride-hailing market using city data and a driver survey, found drivers net only about $9.70 an hour, with a third of all drivers working more than 32 hours per week.

But a study of data provided by Uber and Lyft showed most ride-hail workers in Seattle are part-time drivers whose earnings are roughly in line with the city's median, defying some perceptions of drivers working full-time for little pay.

(Reporting by Tina Bellon in New York and Rama Venkat in Bengaluru; Editing by Simon Cameron-Moore)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BANDAI NAMCO HOLDINGS INC. -1.27% 9216 End-of-day quote.3.25%
BERKELEY GROUP HOLDINGS PLC -0.25% 4467 Delayed Quote.-5.80%
CITY HOLDING COMPANY -0.28% 71.05 Delayed Quote.2.16%
LYFT, INC. -1.77% 47.88 Delayed Quote.-2.54%
UBER TECHNOLOGIES, INC. -2.44% 55.52 Delayed Quote.8.86%
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Financials (USD)
Sales 2020 2 357 M - -
Net income 2020 -1 674 M - -
Net cash 2020 1 242 M - -
P/E ratio 2020 -8,92x
Yield 2020 -
Capitalization 15 203 M 15 203 M -
EV / Sales 2020 5,92x
EV / Sales 2021 4,26x
Nbr of Employees 4 786
Free-Float 78,5%
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Technical analysis trends LYFT, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 39
Average target price 49,15 $
Last Close Price 47,88 $
Spread / Highest target 46,2%
Spread / Average Target 2,64%
Spread / Lowest Target -62,4%
EPS Revisions
Managers and Directors
NameTitle
Logan D. Green Chief Executive Officer & Director
John Zimmer Vice Chairman & President
Prashant Aggarwal Chairman
Brian Roberts Chief Financial Officer
Eisar Lipkovitz Executive Vice President-Rideshare & Engineering
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UBER TECHNOLOGIES, INC.8.86%97 924
NASPERS LIMITED11.45%94 166